Bitcoin Holds Near $79K as Bulls Eye $82.8K Breakout and $100K Target

Bitcoin's price action has been closely watched by analysts and traders in recent days. The cryptocurrency is currently holding near $79,000, with two technical setups suggesting a potentially significant stretch for BTC.

The first setup points to a bullish breakout above $82,800, while the second suggests a deeper retest of $68,000 could be on the cards within the broader uptrend. Analyst Jesse Olson has compared the current weekly chart structure to Bitcoin's 2023 bull-market setup and notes that during that advance, the cryptocurrency eventually returned to retest the eighth green trend dot near $19,500 before resuming its upward move.

A similar setup could now place the rising weekly trend area near $68,000 by October. A bullish interpretation would remain intact if Bitcoin pulls back toward the rising trend dots, finds demand and forms another higher low. However, if BTC loses the rising weekly trend structure decisively, the historical comparison with 2023 would become less reliable.

The shorter-term chart also presents a more immediate bullish test, with Super฿ro highlighting $82,814 as the key swing-high resistance while a projected golden cross approaches in early September. A decisive break above that swing high would establish a higher high and strengthen the argument that the rebound from the mid-$60,000 area has developed into a broader bullish continuation.