Bitcoin's Momentum Shift: Can It Break Above $80K?
Bitcoin's short-term momentum is weaker than its long-term trend, but it remains a dominant asset in the market. Currently trading at $77,578, Bitcoin has been struggling to reclaim the resistance level of $79,500, which has proven to be a strong barrier multiple times since breaking above $80K.
A head and shoulders pattern has formed on the recent timeframe, with the price already losing the neckline and attempting a retest. A rejection at the neckline opens the door towards $71K, but this setup would be invalidated if Bitcoin manages to reclaim the neckline and hold above it.
The key levels that decide everything ahead for Bitcoin are its resistance and support levels. On one hand, breaking through $79,500 would make $80K easier to take out, with $81K-$82K as the next targets above that. On the other hand, losing the $76K support level would put the chart in a less comfortable position, with the watch zone dropping to $72K-$70K.