Bitcoin's Bullish Trend Meets Resistance at $80,500
Bitcoin's current price action has it trading near $78,982 after a sharp recovery from its recent lows. According to Jesse Olson's chart, which compares Bitcoin's daily structure with the 2022 market bottom, the bullish trend does not necessarily require an immediate move higher.
The 2022-bottom fractal suggests that Bitcoin could spend the coming weeks moving sideways around current levels before undergoing another pullback and eventually resuming the advance. The projected path places the first important support area around $72,000, which also intersects with the descending trendline drawn across the projected structure.
Daan Crypto Trades' chart focuses on Bitcoin's immediate market structure, where price has returned to the upper boundary of a range that has contained BTC for months. The current area is crucial because the latest rally, despite its strength, has not yet produced a confirmed breakout from the larger structure.