Bitcoin, Ethereum Confirm 'Cyclical Bottom' but $83,000 Is the Key Level, Says Technical Analyst

$83,000 is the last level standing between Bitcoin (CRYPTO: BTC) and a confirmed new bull market, according to widely-followed cryptocurrency technical analyst Nik.

What the Bitcoin Weekly Chart Shows

Nik wrote in his 90th Market Outlook on Substack that Bitcoin’s 20% weekly surge off the 200-week moving average at $64,500 was one of the most decisive technical breaks of this cycle. 

Weekly RSI broke firmly above 50 for the first time since last year, but weekly structure remains technically bearish until Bitcoin posts a weekly close above the May highs near $83,000. 

That level also coincides with the anchored volume-weighted average price (VWAP) from all-time highs and the 365-day rolling VWAP, both of which have capped price throughout the entire bear market.

“All good things happen above the anchored VWAP from ATH,” Nik wrote. Above $83,000, he targets the yearly open at $89,000 as the next meaningful stop. 

He views the $70,000 to $74,000 range as the most likely area for a higher-low to form if Bitcoin pulls back before clearing $83,000, and expects that zone to be front-run given how many traders are waiting for a clean entry.

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