Bitcoin (BTC) surged past $73,000 on Friday, breaking a bearish chart pattern and signaling a potential bullish reversal as traders eye a move toward $80,000 by the end of April. The cryptocurrency invalidated a bear pennant formation, climbing as much as 7% to a six-week high, supported by increased trading volume and the reclaiming of key moving averages. The bullish divergence in the relative strength index (RSI) suggests that upward momentum has been building, further enhancing BTC’s upside potential.
However, significant resistance is anticipated between $78,000 and $80,000, where recent buyers may seek to exit at breakeven, according to Glassnode’s analysis. The market has shown consolidation within a $60,000 to $70,000 range, and while short-term movement may be more fluid between $72,000 and $82,000, the upside appears capped in the near term.
Market professionals should note the rising odds of Bitcoin reaching $80,000 in April, now at 26%, reflecting a bullish sentiment shift among traders. This could signal increased volatility as BTC navigates these critical resistance levels.
Source: cointelegraph.com