Bitcoin has broken past $80,000 again, a price it hasn’t seen since January 31st. This ends a three-month period where the price hadn’t moved much. Now that it’s above $80,000, that level is expected to act as a support level, and investors are looking ahead to see if it can reach $85,000.
Okay, so things are looking a little better day-to-day, but if I zoom in on the shorter-term charts, I’m still seeing some red flags. Price recently broke down from a pattern it’s been following for weeks, which tells me sellers haven’t completely given up yet. I’m cautiously optimistic, but definitely not ready to go all-in.
Bitcoin Daily Chart Confirms Breakout Above Descending Trendline
Bitcoin rebounded from around $75,000 – a price level it struggled to break through in February and March – and is now climbing, supported by its 20-day moving average. This is the first time it has closed above $80,000 in over three months.
The price has broken through a key downward trendline, completing a clean recovery. The Relative Strength Index (RSI) is rising and approaching overbought levels, and importantly, it doesn’t show any signs of a potential price decline on the daily chart.
The Moving Average Convergence Divergence (MACD) has flipped with a bullish crossover.
The price is currently facing some resistance around $85,000, which is a key technical level. If the price rises above $85,000, it could continue to climb towards $100,900, supporting the previously optimistic forecast.
Van de Poppe Sees $86,000 As First Resistance Target
The positive trend in Bitcoin’s daily price chart supports analyst Michael van de Poppe’s observations of growing institutional interest. He noted $600 million flowed into spot Bitcoin ETFs on May 1st, continuing the significant investment seen throughout April.
As a crypto investor, I’ve noticed this recent price consolidation hasn’t been very deep – which is a good sign. It looks like buyers are stepping in quickly whenever the price dips, and money is still flowing into the market. I’m watching the $79,000 level closely; if we can break through and hold above that, I think we’ll see another significant price increase.
Bitcoin is currently showing strong signs of stabilization around $79,000, which is a key price level. If the price moves above $79,000, it’s likely to continue rising, potentially facing resistance around $86,000 to $88,000 initially, with a major resistance level between $92,000 and $94,000.
According to his analysis, the price is initially expected to encounter resistance between $86,000 and $88,000, with a stronger resistance area between $92,000 and $94,000. This predicted pattern aligns with support levels previously identified in BeInCrypto reports.
BTC 4-Hour Chart Flags Possible Drop to $75,000
While the daily trend looks positive, the shorter-term chart is presenting some mixed signals. The 4-hour chart shows the RSI indicating potentially overbought conditions, but the MACD is still showing increasing upward momentum.
Despite a recent upward trend, trading volume has been decreasing, hinting that a more significant price increase could still happen.
It’s still possible the price of Bitcoin could fall. Since late March, it’s been moving within a rising channel, but it dropped below the lower edge of that channel in late April. The price is now appearing to test that previously broken level as a potential resistance.
If the price fails to break through a certain resistance level, Bitcoin might fall back to around $75,000. At that point, buyers will need to step in to protect a key support level, marked by a Fibonacci retracement and a rising moving average. If that support fails, it would suggest the recent upward trend might be over, similar to what happened when demand for Bitcoin ETFs slowed down and prices previously dropped.
The next day or two are crucial. If the price closes above a certain level for four hours, it would suggest the recent downward trend isn’t valid and could open the way for a rise to $85,000.
A sharp rejection here would shift attention to the $75,000 floor.
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2026-05-05 05:06