Bitcoin price is heading toward a significant resistance area as BTC has seen one of its best weeks ever, climbing closer to the $80,000 mark.
At the time of writing, Bitcoin is trading at $79,637, up 1.15% over the last 24 hours, while its 24-hour trading volume stands at $88.93 billion and its market capitalization is around $1.60 trillion.
Bitcoin Gains 23.5% as Bulls Target Higher Levels
This recent development follows a week during which Bitcoin made some outstanding gains. As revealed by Galaxy Research, the last weekly candle for BTCUSD was the largest weekly gain in terms of dollars added to the Bitcoin price in the entire history of Bitcoin. In percentage terms, it was a gain of 23.5% and ranked as the 41st biggest weekly gain in history.
The magnitude of the move has brought renewed focus on whether Bitcoin is capable of sustaining its bounce and breaching higher levels of resistance.
Galaxy Research has also previously stated that Bitcoin had managed to break out above multiple key levels of support and cost basis, indicating that the market had managed to avoid the previous selling pressure.
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Bitcoin Price Faces $80.6K Supply Wall
The next big test is currently being built around the $80,000 mark. Whale Factor mentioned earlier this week a huge cluster of supply in Bitcoin around $80.6K, labeling this range as the battleground for bulls and bears.
What is important about this range is the fact that this is both a psychological point and a place where past market activity can put further selling pressure. As Whale Factor noted, “Bitcoin has a clear path straight into $80.6K sell wall, with three resistance levels to overcome.”
Provided that Bitcoin manages to clear these regions, the next key level on Whale Factor will be at about $90,000. Clearing this region will likely eliminate considerable overhead supply, leaving the way clear for a push towards $113,000.
Of course, these levels still represent market forecasts and not necessarily where the market will move next. Resistance levels tend to trigger taking profits or a failed breakout.
What Happens Next for Bitcoin Price?
In the near term, however, the primary emphasis will still be on whether BTC can recover and sustain above the $80,000 level. In particular, the $80.6K supply zone noted by Whale Factor may prove to be a significant challenge to overcome in the short term.
Breaking above this area may pave the way for testing further resistance levels, with $90,000 ultimately coming into play as well. Once BTC breaks through $90,000, the target price of $113,000 by Whale Factor may come into consideration.
However, should there be no breakout in the surrounding supply zone, then the cryptocurrency may be headed back to lower levels of support.
For the time being, the main point to remember is that the cryptocurrency has managed to recover strongly and reached an important resistance zone following the biggest ever one-week dollar gain for Bitcoin. The coming sessions will be instrumental in determining how the latest bounce will evolve further.
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