Bitcoin was trading at $79,953 at press time. Analyst Darkfost, reviewing daily and weekly trends, said the asset remains in a long-term corrective phase but a short-term rebound is brewing. He confirmed that wave A has completed and expects a wave B move to unfold, likely forming in five legs.
Wave B Target Near $87,000
Darkfost pointed to a 50% retracement of wave A, which maps to around $87,000. He said the move could be fueled by a short squeeze given excessive bearish positioning. A weekly close above $93,500 would confirm a broader trend reversal, he added.
Short-Term Structure Shows Higher Highs, Higher Lows
Since May 1, Bitcoin has printed higher lows and higher highs, following a consolidation zone between $75,500 and $78,500 in late April. Buyers absorbed selling pressure near $75,000, forming a long downside wick, before pushing from roughly $78,000 to test $80,000. The rally was backed by rising volume, indicating stronger participation.
Technicals present a moderately bullish picture. The RSI stands near 63, above its signal average of 62 — not yet overbought. The MACD shows a bullish crossover: the MACD line (around 420) is above the signal line (near 301), with a rising positive histogram. Immediate resistance sits at $80,000, followed by $81,500-$82,000. Support remains at $78,500 and $77,000, aligning with earlier consolidation levels.