Bitcoin and Ethereum's Path to Bull Market Hinges on $83,000 Breakout

Nik, a widely-followed cryptocurrency technical analyst, says Bitcoin and Ethereum have confirmed a 'cyclical bottom' but $83,000 is still a crucial level to clear for a new bull market.

According to Nik's analysis in his Market Outlook on Substack, the 20% weekly surge off the 200-week moving average at $64,500 was one of the most decisive technical breaks of this cycle. However, the weekly structure remains technically bearish until Bitcoin posts a weekly close above the May highs near $83,000.

The level also coincides with the anchored volume-weighted average price (VWAP) from all-time highs and the 365-day rolling VWAP, both of which have capped price throughout the entire bear market. Nik views the $70,000 to $74,000 range as the most likely area for a higher-low to form if Bitcoin pulls back before clearing $83,000.

Ethereum's weekly close confirmed the trend shift, with price rallying from $1,827 support to close just below the 200-week moving average at $2,463. Nik targets $4,400 as multi-year resistance for Ethereum above a retest of the $2,700 to $3,000 resistance cluster.