Bitcoin has surged past the psychological $80,000 resistance level, a barrier that had repeatedly rejected price advances in late April. According to analysis from CryptoComLearn, this breakout signals continued bullish momentum in the short term, with bulls now eyeing the next major resistance at $85,000.
Technical Breakout: Multiple Signals Converge
On the daily chart, Bitcoin’s move above $80,000 was not an isolated event. It simultaneously broke through the descending trendline from January, the upper boundary of the ascending channel that began in February, and the 50% Fibonacci retracement level of the correction from the start of the year. This confluence of resistance levels confirms that Bitcoin is now in a strong short-term impulse wave 1, which is part of the larger intermediate impulse wave (C) that started in late March. Technically, Bitcoin is expected to continue rising toward the next resistance at $85,000, a level that served as strong support in November and December of last year.
Improved Market Sentiment
Overall sentiment across cryptocurrency markets has improved significantly, providing additional tailwinds for Bitcoin. Recent data from TradeLocker shows that gold and Bitcoin together account for 70% of new demo trades, indicating strong investor interest in these two assets. Meanwhile, El Salvador continues to build its Bitcoin treasury, reinforcing Bitcoin's status as a strategic national reserve.
Institutional Moves and Potential Risks
However, some Bitcoin treasury firms, such as Strategy, have recently sold parts of their BTC holdings, raising questions about the sustainability of such strategies. Despite this, the current technical setup and capital flows remain bullish. Analysts caution that while $85,000 is a clear target, short-term pullbacks are possible as the market digests the rapid gains. Investors should monitor profit-taking pressure near the resistance zone.
In summary, Bitcoin has decisively reclaimed $80,000 and has a clear path to $85,000. Traders should manage risk carefully and consult independent financial advice before acting.