Bitcoin Eyes $85K as Bulls Defend Key Resistance Level

Bitcoin's price has been eyeing a potential climb towards $85,000 after breaking above a key resistance level near $80,600. Crypto analyst Ali Charts believes that holding this support could open the door for Bitcoin to rise further.

The recent breakout and rally from $82,280 to $81,214 represents a bullish retest of a parallel channel breakout on the hourly chart, according to Ali Charts.

If buyers successfully defend the $80,600 level, Bitcoin could resume its upward momentum and target $85,000. This would represent a gain of roughly 5.5% from the breakout support and about 3.3% from the recent peak.

However, a decisive move below $80,600 could weaken the bullish setup and increase the risk of renewed selling pressure.