Bitcoin Price Today: BTC Pulls Back From $81,300, What’s Next?

Bitcoin pierced the $80,000 mark overnight, reaching as high as $81,300 before pulling back to roughly $79,000, according to chart analysis from Verified Investing chief market strategist Gareth Soloway. The pullback has raised a question for traders. Does this rally confirm a new bull market, or is Bitcoin simply testing resistance in an ongoing bear market?

Signs of Fading Momentum

Soloway pointed to a few technical warning signs building on the chart:

• Growing upper wicks on recent candles, a pattern he said signals increasing selling pressure as price pushes higher
• A trend line, previously support, that is now acting as resistance after being broken and retested
• A cluster of resistance levels stacking up in the $80,000 to $83,000 region

The One Question That Matters

According to Soloway, confirming a genuine trend reversal comes down to a single technical test. Has Bitcoin made a higher high compared to its prior swing high?

• The relevant prior high sits at $82,830
• As of this analysis, Bitcoin has not yet closed above that level
• A confirmed break above $82,830 would mark the first higher high in the current pattern, an early signal of a potential shift from a downtrend to an uptrend

Soloway was clear that even a break above this level would only be the “beginning stages” of confirming a new bull market, not definitive proof on its own.