Bitcoin is reclaiming several key technical levels that have historically marked the end of bear markets, according to analysis from pseudonymous trader Skyodelic.
The analyst identifies strong points already reclaimed, including the $67,000 local structure, $74,400 higher-timeframe structure, the one-day 200 simple moving average and exponential moving average, the one-week 50 exponential moving average, and a one-day relative strength index reading above 85.
Remaining technical hurdles for full confirmation include a weekly close above the 1-week 50 simple moving average at $82,000, the 1-week Supertrend at $79,000, a higher low above $82,700, and a monthly higher high above $76,463.
Current Status
Skyodelic states that Bitcoin has achieved 80% of the technical data needed to confirm a market bottom, but notes that closing above $82,700 is necessary for the low to be considered confirmed.
At the time of the analysis, Bitcoin was trading at $77,776.
Price Scenarios
The analyst outlines two potential near-term outcomes: if Bitcoin breaks above $82,000 during the week, it could move toward $90,000. Conversely, if it remains below that level, a maximum decline to $75,000 could occur before a potential breakout.
Securing a monthly close above $76,463 would significantly increase the probability that a market bottom has been established, according to the analysis.
