Bitcoin Breaks Out of Consolidation Range, Targets $81K Rally
Bitcoin's price has broken through its months-long consolidation range between $62K and $64K, reaching $69,081. This comes after a period of extreme capitulation for the cryptocurrency, with lead investment manager VanEck reporting that BTC had fired eight out of twelve possible signals.
The MVRV Z-score, which measures market value to realized value, has entered a neutral zone where price is well-supported by actual buyer cost basis. Additionally, the coin's demand has turned positive for the first time since February 2026, reaching roughly +25,000 BTC and indicating an exhaustion in selling pressure.
The next major resistance lies at $71,300, $71,500, closely aligned with Bitcoin's 200-day moving average. A Relative Strength Index (RSI) above 50 would indicate bulls overtaking bears in the market, supporting a potential rally to $81,489 over 60 days.
Several events have contributed to the recent pump, including the US bond buyback operation and institutional demand for spot Bitcoin ETFs.