Bitcoin Eyes $83,000 as Key Level for New Bull Market

Nik, a widely-followed cryptocurrency technical analyst, believes Bitcoin has confirmed a 'cyclical bottom' but still needs to clear $83,000 to secure a new bull market.

The recent 20% weekly surge off the 200-week moving average at $64,500 was one of the most decisive technical breaks of this cycle, according to Nik's Market Outlook on Substack.

Bitcoin's weekly RSI broke above 50 for the first time since last year, but the weekly structure remains technically bearish until Bitcoin posts a weekly close above the May highs near $83,000. This level coincides with the anchored volume-weighted average price (VWAP) from all-time highs and the 365-day rolling VWAP.

Nik views Ethereum's weekly candle as even more significant, with price rallying from $1,827 support to close just below the 200-week moving average at $2,463, its highest weekly close since May. A weekly close above this average opens a retest of the $2,700 to $3,000 resistance cluster.

Silver has also been on the rise, up over 20% in a few weeks off the anchored VWAP and prior support at $55. A break and close above $73 shifts Silver into a sustained buy-the-dip regime.