Bitcoin’s Cycle Bottom Confirmed, Eyes Key Resistance Levels
- Bitcoin has surged from $67,500 to a recent peak of $80,000 since early April, marking a net gain of approximately 20%.
- Key resistance levels are identified between $86,000 and $88,000 and at the 50-Week Moving Average (MA) zone of $93,000 to $95,000.
- The 50-Week MA acts as a major flip zone during bull markets when below the critical long-term support of the 200-week MA.
- Current Bitcoin price is $80,900 with daily trading volume down by over 44% to $19.29 billion.
Analyst Michaël van de Poppe indicates that Bitcoin has reached its cycle bottom and is in an uptrend since April. The cryptocurrency faces key resistance zones that align with historical patterns from previous cycles.
Van de Poppe suggests potential consolidation around these resistance zones before further rallying, while also forecasting an altcoin rally during this phase. (Source)
