Bitcoin has climbed above $81,000 this week following an initial dip to $75,000 on Tuesday and Wednesday. The recovery comes despite headwinds including the CLARITY Act setback in the US Senate and rate hikes from the Federal Reserve and Bank of Japan, factors that typically pressure risk-on assets like cryptocurrency.
The asset's rebound on Friday pushed it to over $81,000 for a two-week peak, and it has held near that level through Saturday. This sustained level has sparked discussion among analysts about whether the cryptocurrency may be entering a new bull market phase, though several cautioned that specific technical barriers must be cleared to confirm such a shift.
Key Technical Resistance Levels
Analysts Crypto Rover and CryptoGoos identified $81,000 as an important immediate breakout level. A sustained move through this point could potentially open the path to $100,000 and $120,000, according to their analysis.
CryptoGoos highlighted bitcoin's 50-week moving average, currently positioned near $81,700, as particularly significant. The analyst stated that reclaiming this line would represent confirmation that BTC has transitioned back into a bull market. Bitcoin has tested this level on several occasions in recent weeks without establishing a lasting foothold above it.
The $82,000 region also carries weight in technical analysis. Bitcoin's 365-day moving average has recently hovered in the low-$82,000 area, reinforcing the idea that this zone represents a more meaningful resistance level than the psychological $80,000 threshold.
Higher Confirmation Threshold
Analyst EGRAG CRYPTO outlined a more stringent benchmark for confirming a macro bullish structure. The analyst pointed to the 100-period exponential moving average on bitcoin's five-day chart, currently near $90,000. Historically, breaching below this indicator has coincided with bearish pressure, while reclaiming it, retesting it, and bouncing has provided stronger bullish confirmation.
According to this analysis, a five-day close above $90,000 followed by a successful retest would be necessary before declaring a confirmed bull market phase.
