Bitcoin Stuck at $79,500: Will It Break Out and Create a New Cycle?

Bitcoin's price has been stuck around $79,500 for two consecutive weeks, leading some to question if it will break out and create a new cycle. However, one thing is clear: the downward price structure has been broken, indicating that the bear trend is no longer valid.

Despite this positive sign, Bitcoin still lacks a higher local high, which is necessary for a confirmed uptrend. The technical setup currently resembles the beginning of 2023, just before the breakout to higher prices that de facto confirmed the new cycle back then.

The current obstacles to further growth include resistance around $82,000, potential pullback, and retesting levels. If the price bounces off support levels, it will be a strong confirmation of a new trend.