Bitcoin climbed to $81,098.53 over the past 24 hours, representing a 4.8% gain and pushing past the 50-week moving average that had previously acted as resistance.
The rally follows a period of consolidation. Bitcoin had shown signs of rejection near $80,000 on the weekly chart, with traders noting weak resistance at that critical level. Thursday's price action moved Bitcoin above this zone, though the weekly candle had not closed at the time of the report, leaving final confirmation pending.
On the daily chart, Bitcoin briefly broke out of its recent trading range before slipping back inside, a pattern traders refer to as a "busted pattern." While such moves can signal underlying momentum, the pattern only confirms a sustained trend shift if price clears resistance and reaches the pattern's upside target near $90,000.
Traders are now focusing on the $82,000 to $83,000 range as the next test. A clean break above this zone would support continued gains. However, if Bitcoin stalls in this range, it could form a bearish divergence—a signal that price gains are not matched by strong buying pressure—which could trigger a sharper pullback toward $70,000.
Some altcoins are displaying similar chart patterns to those seen in early-stage bull market cycles, though near-term price action remains uncertain with the possibility of either a continued rally or short-term reversal.
