Still Skeptical About Bitcoin? Here’s How To Tell If The Rally Is Real
It looks like conditions for Bitcoin have shifted positively. We're starting to see strength emerge, and while some hesitation remains, the action over the last few days is making it harder to argue against a change in character.
Bitcoin managed to rise +28% over 18 days, breaking several resistance levels. It's the kind of strength that forces us to respect the trend. While in the short term, the price looks like it needs to pause at some overhead resistance, the long-term trend is certainly leaning stronger now.
Important Support Established
The good news here is that Bitcoin closed the weekly candle very strongly and now has a meaningful weekly low to lean on.
If the market can maintain above this $74.5K level in the weeks ahead, it strengthens the case that we are in the early part of a longer move higher. However, if we fail and break back below that key level, then I would have to take a more cautious stance again.
Bigger Picture Still Intact
Zooming out to the monthly chart, the structure continues to suggest that the broader upward path is holding.
We saw a major move higher, then several months of consolidation and a sentiment reset, which is completely normal within an overall rising environment.
But caution remains warranted. Should the market roll over and take out the April low, that would be a serious warning that the 4-year cycle may have topped.
Key Levels To Watch
Right now, the most important level to watch is $74.5K and $94.5K
As long as price remains above $74.5K, bulls remain in control. If the market were to move sharply lower and take that out, it would suggest that the broader trend has broken.
On the flip side, if the price can push above $94.5K over the coming weeks and establish new reference points higher up, it would offer even stronger support for ongoing upside.
At this point, the market has the momentum and the technical foundation to move higher. It's the bulls' game to lose.
Final Thoughts
Sentiment is still skeptical enough to fuel more upside. There's no need to overthink it — let the market prove itself. I’m personally aiming to load up on Bitcoin again if it trades back around $90K.
If we see higher highs and higher lows continue to build, that's the confirmation the structure is working. If key lows break, then I’ll shift accordingly.
Thanks for reading
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Written by Timothy Assi, an Elite Popular Investor on eToro.
Not investment advice. eToro is a multi-asset investment platform. Your capital is at risk. For information and educational purposes only.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
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