What to know:
- Bitcoin has surged nearly 28% in eight days, reclaiming the $80,000 level after months of weakness.
- The rally has revived bullish expectations, with the $100,000 target back in focus.
- Bitcoin is approaching the $81,000 resistance zone, near the upper Bollinger Band.
Bitcoin price has climbed above the $80,000 mark following an impressive eight-day surge, representing a huge turnaround in the crypto market, where the next level of resistance is seen around $81,000.
At the time of writing, Bitcoin is trading at $80,758, with a 24-hour trading volume of $117.05 billion and a market capitalization of $1.61 trillion. BTC has gained 4.66% over the last 24 hours.
This move has been spurred by the fact that Bitcoin has appreciated by almost 28% in eight days, thus gaining an additional $350 billion in terms of market valuation. This rally has wiped out three months’ worth of losses in one single week.
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Bitcoin Price Returns to $80,000 After 15 Weeks
A crypto analyst, Bull Theory, noted on August 25 that Bitcoin was trading back above $80,000. The fact that the coin was now at that level again came after an absence of 14 weeks.
This comes as a significant shift from the selling observed in the months gone by. The recovery in the Bitcoin price has made the asset reach levels that were once acting as support and resistance levels.
More striking is the speed of recovery, which saw Bitcoin regain most of its lost valuation in just a few days.
Bitcoin Rally Revives Bullish Price Target
Another analyst, Zord, also referenced the previous swing long entry on Bitcoin that aimed at taking the price to $100,000.
According to Zord, the signal was issued on June 24 when Bitcoin was expected to take off towards the $100,000 mark. He highlighted that the price respected the level and launched a strong bullish move thereafter.
What is interesting about this is that the recent rally has rekindled hopes of the possibility of Bitcoin achieving the six-figure price level. Nevertheless, there are still quite a few resistance zones that need to be cleared before that happens.
It is not about confirming a prior price forecast; rather, it is about the fact that Bitcoin is showing enough strength for such discussion once again.
Technical Indicators Point to Continued Strength
Technical analysis of BTC is also indicative of bullish momentum.
BTC is trading around $80,750 on the mentioned chart and is approaching the upper Bollinger Band of $81,005.32. The middle band is situated at $68,300.65, while the lower band is placed at $55,595.99.
Approaching the upper Bollinger Band is a clear sign of rising buying pressure for Bitcoin. In addition to that, the coin is being traded above its recent average price level, but approaching the upper Bollinger Band increases the possibility of short-term corrections.
Another confirmation of the bullish trend comes from the MACD indicator. MACD line is placed at 3,881.55 above the signal line of 2,192.21, with the histogram being positive at 1,689.34.
What Happens Next For Bitcoin Price
The next big test for Bitcoin price would probably be seen near the $81,000 mark, which happens to be near the upper Bollinger Band at this stage.
A convincing break above this level may reinforce the idea of a move up and take the $100,000 level into focus once again. Before getting there, however, the cryptocurrency will first have to hold above its newly regained support zone and clear more resistance.
Failure to break to new highs and a decline in momentum would see the middle Bollinger Band level of $68,300 play a key role.
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