Bitcoin, this time it's really on the verge of breaking $80,000... breaking resistance and targeting $85,000

▲ Bitcoin (BTC)

Bitcoin (BTC) is drawing a steep upward curve, on the verge of breaking past the psychological resistance of $80,000. Strong buying pressure is flowing in, leading the overall bullish sentiment in the market.

According to crypto media outlet NewsBTC on April 27 (local time), Bitcoin recently broke through $75,000 and $76,500, respectively, initiating a full-fledged uptrend. Analyst Aayush Jindal analyzed that Bitcoin is maintaining a stable trend above $76,850 and the 100-hour simple moving average. Bitcoin's price has now surpassed its previous high of $78,369 and is targeting the $80,000 mark. With concentrated buying power, downward rigidity is stronger than ever.

Technical indicators, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), have also confirmed bullish signals. The MACD is accelerating in the bullish zone, suggesting further upside potential. The RSI is also drawing a gentle upward trend above the 50-line, demonstrating the dominance of buying forces. On the 4-hour chart, a strong bullish trend line has formed around the $76,000 mark. The harmony of these indicators adds credibility to Bitcoin's upward rally.

Bitcoin is currently facing resistance around $79,200. The first major hurdle is the $80,000 mark. If Bitcoin clearly breaks through and settles above $80,000, the next target price is expected to be $81,250. Analysts suggest that if the uptrend continues, a steep rally could extend to $85,000, which is the Fibonacci 161.8% extension level. As resistance supply thins out, a breakout is likely to be accompanied by a sharp surge with high volatility.

The downside support line has initially formed around $76,500. An even stronger support line is near $76,000, where the trend line is located. Even if the price falls, buying pressure is expected to flow in around the $74,000 mark, effectively defending against downward pressure. $74,000 is considered a key defense line to maintain this upward rally. Given the current accumulation fervor, the focus is more on an upside breakout rather than a support line collapse.

Whether Bitcoin breaks $80,000 is the biggest point of interest that will determine the market's direction this week. Expectations of regulatory easing and the inflow of funds from institutional investors are fueling the upward momentum. Bitcoin has strengthened its position as a store of value and entered a new price discovery phase. Market participants are focusing on the scenario of a massive bull market unfolding after conquering the symbolic $80,000 mark.

*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.*