Bitcoin Reclaims Key Technical Levels as Market Bottom Confirmation Nears

Bitcoin has reclaimed several key technical levels that historically signal the end of bear markets, according to analyst Skyodelic. These strong points include the $67,000 local structure and $74,400 higher-timeframe structure.

The 1D 200 Simple Moving Average (SMA) plus Exponential Moving Average (EMA), one-week 50 EMA, and one-day Relative Strength Index (RSI) hitting 85-plus have also been reclaimed. However, there are still some hurdles to overcome for full confirmation of the market bottom.

For a weekly close above the $82,000 level, the analyst believes it could quickly move towards $90,000, while chopping below that level could allow a maximum drop to $75,000 before a key breakout. Securing a monthly close in the days above $76,463 would increase the probability greatly that the low is confirmed.

Skyodelic notes that at this stage, Bitcoin has put in 80% of the data needed to confirm the low and that more needs to line up for the trend reversal to be undeniable. The current price of Bitcoin is trading at $77,776.