Bitcoin Tests Resistance Ahead of Potential Breakout

Bitcoin has surged back toward the top of its multi-month range, but the $80,500-$83,000 region stands between BTC and a confirmed bullish breakout. According to Jesse Olson's chart, Bitcoin trades near $78,982 after a sharp recovery from its recent lows.

The 2022-bottom fractal on Olson's chart suggests that BTC could spend the coming weeks moving sideways around current levels before undergoing another pullback and eventually resuming the advance.

Two daily-chart setups suggest the rally can ultimately extend higher, but both leave room for consolidation or a deeper pullback before buyers attempt the next major leg. A deeper support region appears around $68,500-$69,000, which is under Olson's bullish scenario.

The historical comparison projects a renewed advance after consolidation and correction, but it is not a guarantee. A sustained breakdown through the highlighted support structure would weaken the comparison and increase the risk that Bitcoin is following a different path.