Bitcoin strikes a strong bullish breakout, eyes on $80k next
Release: 2024/04/08 21:49 Reading: 985
The world’s biggest cryptocurrency, Bitcoin, recently experienced a massive price surge of nearly 5% for the first time since March 15, 2024. The major reasons behind this surge include the recent breakout of a symmetrical triangle pattern, the upcoming Bitcoin halving, and the massive accumulation of Bitcoin by crypto giants.
Bitcoin’s technical analysis and key levelsAccording to expert technical analysis, Bitcoin, after reaching an all-time high of $73,787 on March 14, 2024, entered a price correction mode for the last 24 days. During this period, it formed a bullish symmetrical triangle price action pattern. However, on April 8, 2024, Bitcoin broke out of its symmetrical triangle pattern, leading to massive participation in Bitcoin as its trading volume increased by 61%.
Source: TradingViewAdditionally, technical analysis suggests that if Bitcoin can breach this major resistance and its previous all-time high of $73,787, and sustain above this level, which is nearly 1.6% higher than the current level of $72,800, then there is a high chance that it will reach a new all-time high and potentially hit the $80,000 mark.
Furthermore, a prominent
crypto trader and analyst also posted on X (previously Twitter) that if Bitcoin’s price holds above the $70,800 level, then its next target would be the $85,000 level. Bitcoin price-performance analysisCurrently, Bitcoin is trading near the $72,800 level, and in the last 24 hours, it experienced a price surge of nearly 5%. Looking at Bitcoin’s performance over a longer period, in the last 7 days, Bitcoin only rallied nearly 4% in upside momentum. Whereas, in the last 30 days, due to the massive upside and downside momentum, Bitcoin experienced only a 7% positive momentum.
Furthermore, Bitcoin’s strong performance has influenced overall cryptocurrency and market sentiment, turning bullish. Additionally, the cryptocurrency market capitalization has increased by 4.4%, and the current market cap is nearly $2.7 trillion, with the 24-hour trading volume increasing by 40% to stand near $82.47 billion.
This surge in Bitcoin’s price has once again turned the overall crypto landscape green, with top cryptocurrencies like Ethereum (ETH), Dogecoin (DOGE), and Toncoin (TON) also experiencing significant price surges of nearly 7.5%, 4.5%, and 10%, respectively.
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