Bitcoin Breakout Faces First Serious Threat
Bitcoin has staged an aggressive breakout after weeks of compressed price action, pushing through several important resistance levels in a short period. The move has improved the technical picture, but BTC is now approaching another major supply area, making the sustainability of the breakout key.
On the daily chart, Bitcoin broke above the descending trendline and the $66K-$67K resistance zone, followed by an exceptionally strong expansion that cleared the intermediate $72K-$74K supply area and reached around $79K before pulling back to $77K. This represents a notable shift in market structure.
The 4-hour chart highlights the strength of the breakout more clearly. Bitcoin escaped the converging trendline structure around $64K-$65K and accelerated almost vertically, eventually reaching approximately $79.5K.