Bitcoin reached its highest daily closing level in three months with its recent strong rise. On the new day, the cryptocurrency is at the door of the important resistance zone near $80,470. CryptoAppsy According to data, this move in the BTCUSDT parity came after the rapid recovery that the leading cryptocurrency has seen since the low levels seen in February. Current price action points to a critical turning point in the short term.
Mobility at critical resistance
Analysts point out that the pressure on Bitcoin’s main trend line and RSI (Relative Strength Index) continues. Currently, the price remains just below the ascending resistance line. While the RSI indicator also shows the level of 66.91, the red resistance zone, which is considered the technical limit, is very close to 70.
In recent days, the price started from the $ 60,000 range and gradually increased to $ 80,000. However, the recent candles are located in a critical zone overlapping the trend line and moving averages. In other words, without any confirmation, there has not yet been a strong signal that the bull market is gaining momentum.
Elja stated that Bitcoin is still having difficulty overcoming the RSI resistance. In the shared chart, it is seen that RSI tested the same resistance zone many times but could not rise above it.
The fact that the price and RSI indicator are based on important resistances at the same time shows that the movement in the market will be decisive. It is stated that unless Bitcoin makes a clear daily close above both the price-based resistance line and the RSI level, it is difficult to confirm the upward movement.
ETF investments and bullish momentum
More than $1 billion inflow has occurred into Bitcoin spot ETF products in the last 48 hours. Such strong inflows indicate demand and new investment volume in the market. According to experts, increasing ETF investments are an important indicator that interest in Bitcoin continues.
Despite this, in the chart shared by Super฿ro, it can be seen that Bitcoin still cannot clearly rise above the moving average and the main resistance line. The 200-day moving average, located just above the resistance line, poses an additional technical hurdle. It does not seem possible to confirm the upward trend without closing above these levels.
Super฿ro emphasized that Bitcoin has not yet accelerated upwards by overcoming the resistance trend. On the chart, it was stated that in the coming period, the price could either target the middle $ 80,000 band or retest the $ 78,000-80,000 range it last broke.
Critical threshold for a new move in price
Bitcoin’s current price action has leveled off in the recovery phase. So, there has not been a significant break yet. The technical outlook indicates that a clear upward movement must be seen on both the price and RSI sides for the upward trend to continue.
The next target stands out as the middle $80,000 band after the resistance line is overcome. However, if this is not achieved, the price may be pulled back to the $ 78,000-80,000 region. Analysts recommend monitoring these levels carefully in the short term.
