Bitcoin Price Surge Triggers Bull Market Questions

Bitcoin's recent price action has left traders wondering whether it confirms a new bull market or is simply testing resistance in an ongoing bear market. The cryptocurrency pierced the $80,000 mark overnight, reaching as high as $81,300 before pulling back to roughly $79,000.

Gareth Soloway, chief market strategist at Verified Investing, pointed out several technical warning signs on the chart. These include growing upper wicks on recent candles, a trend line that was previously support now acting as resistance after being broken and retested, and a cluster of resistance levels stacking up in the $80,000 to $83,000 region.

Soloway emphasized that confirming a genuine trend reversal comes down to a single technical test: whether Bitcoin has made a higher high compared to its prior swing high. The relevant prior high sits at $82,830, and as of this analysis, Bitcoin has not yet closed above that level.