Bitcoin Price Breakout Hinges on Key Resistance Level

Bitcoin's price movement has been limited since its rally to $80,000, but spot Bitcoin ETFs have seen continued inflows over the past three weeks. Inflows into US spot Bitcoin ETFs reached $987 million last week, according to data from SoSoValue.

Crypto Patel, a popular analyst, notes that Bitcoin's price is showing a similar market structure to its 2022 bottom. He suggests that this pattern could be indicative of a major breakout if history repeats itself.

A key level to watch for Bitcoin's next price move is the $79K-$83K range, according to Crypto Patel. A daily close above this range could lead to a major breakout, potentially targeting prices as high as $97K-$100K. Conversely, a rejection from this range would keep the bearish structure intact, with $65K-$50K becoming relevant.