$BTC Testing Resistance: Is a Breakout to $85k Next? 📈
Market Pulse:
BTC price action continues to exhibit remarkable strength this week as we break through the $80K price level for the first time in months. Structural change has arrived with Bitcoin clearing on-chain resistance points such as the True Market Mean.
The Data Points:
Price Action: Currently trading near the $79,900 - $80,200 range.
Resistance Levels: The 200 DMA is located at $82,228. A close above this point will signal a clear path towards the $85K price level.
Inflows to ETF: Net institutional interest has been extremely strong with almost $1.6 billion of net inflows since May 1st.
Whales Buying: Large wallets have accumulated about 270,000 BTC during the month of April.
My Take:
Even though there has been a marked rise in short-term profit taking ($1 billion+) lately, the continued accumulation from ETFs and whales indicates that this is just healthy consolidation and not the start of a bear market. My main focus going forward will be the $78K support level – as long as we defend this level, the outlook is bullish.
Your next move?
Are you taking profits now or holding out for the $85K target?