Bitcoin, Vertical Surge to $85,000 Predicted?...Bull Market Entry Signal Detected in Chart

▲ Bitcoin (BTC)

Bitcoin (BTC) is attempting a strong technical rebound after reaching the $80,000 mark, signaling a new trend reversal in the cryptocurrency market.

According to real-time data from CoinMarketCap, the world's largest cryptocurrency market data aggregator, Bitcoin was trading at a higher price than the previous day on May 4, forming a solid support level. Bitcoin's price has shown a rebound of approximately 1.89% over the past 24 hours. Its market capitalization remains at $1.5683 trillion, leading the overall market trend.

Volume indicators also show a recovery, demonstrating an influx of buying interest from market participants. Bitcoin's trading volume over the past 24 hours recorded approximately $23.4 billion, indicating active turnover. After the price broke above the $78,000 resistance level, buy orders concentrated, alleviating short-term downward pressure. Investors are adjusting their positions, focusing on whether Bitcoin can stabilize above $80,000.

Bitcoin's market dominance, which indicates its share of the market, stands at 58.51%, maintaining an overwhelming lead over altcoins. The Fear & Greed Index, which reflects investor sentiment, is still in the "Fear" stage at 40, but a recovery of the index is expected with the price rebound. The accumulation movements by whales observed during the "Fear" stage are consistent with typical patterns seen at historical bottoms.

Looking at the price trend over the past 7 days, Bitcoin has recorded a cumulative return of approximately 4.6%, drawing a stable upward curve. Strong buying interest at the $75,000 level is supporting the price, reducing the risk of further declines. Short-term moving averages are showing a movement to cross above long-term moving averages, increasing the possibility of entering a technical bull market.

If Bitcoin stably secures the $80,000 level, the next target price is expected to be in the range of $85,000 to $90,000. The large buy wall currently visible on CoinMarketCap's real-time chart is expected to act as a strong buffer in case of a price drop. Investors should continue to monitor real-time price fluctuations linked to macroeconomic indicators and respond strategically.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*