Bitcoin Tests Resistance at $80,000-$83,000 Range

Bitcoin's recent price surge has raised questions about whether it confirms a new bull market. The cryptocurrency briefly reached $81,300 overnight before pulling back to around $79,000.

According to Verified Investing chief market strategist Gareth Soloway, the pullback is due to resistance in the $80,000-$83,000 range and a trend line that flipped from support to resistance. He also noted growing upper wicks on recent candles, indicating increasing selling pressure as price pushes higher.

A break above $82,830 would mark the first higher high in the current pattern, an early signal of a potential shift from a downtrend to an uptrend. However, Soloway emphasized that this would only be the 'beginning stages' of confirming a new bull market and not definitive proof on its own.