Bitcoin Bulls Eye $82,865 Pivot as Rally Faces Technical Hurdle
Bitcoin's recent rally has many investors wondering if it marks the start of a genuine trend reversal. According to Verified Investing chief market strategist Gareth Soloway, the answer lies in technical analysis and historical cycle comparisons.
Soloway says Bitcoin hasn't technically confirmed a new bull market because it hasn't broken above its prior pivot high near $82,865. The recent rally topped out around $82,300, which means the price has not yet cleared this level and remains in a pattern of lower highs and lower lows, a technical definition of a downtrend.
Soloway identified two separate bear flag trend lines from earlier price action that converge right around where the current rally has stalled. He notes this alignment is coincidental but notable, calling it the technical reason the rally has been 'capped' for now.
However, a break above the $82,865 pivot would signal the first higher high in the current pattern, opening the door to watching for higher lows on pullbacks. Soloway notes that this alone wouldn't guarantee a bull market but would begin shifting the structure from a downtrend toward a potential uptrend.