Bitcoin Bull Market Confirmed If BTC Closes the Week Above This Key Level: Analysts

BTC is above $81,000 despite the week it had. But the real test comes now.

Bitcoin showed impressive resilience over the past several days, even as everything was seemingly going against it. From the CLARITY Act setback in the US Senate to the Fed and BOJ hiking rates, the cryptocurrency, being a risk-on asset, was expected to suffer.

And it did for a bit, slumping to a three-week low at $75,000 on Tuesday and Wednesday. However, the initial shock was quickly absorbed, and the bulls returned on Friday with a major push that drove the asset to over $81,000 for a two-week peak. Moreover, it has remained there on Saturday, unlike the previous breakout attempts, which has prompted some analysts to predict the start of the bull market – but only if this condition is met.

The Real Test

Crypto Rover and CryptoGoos jointly highlighted $81,000 as the immediate breakout level, arguing that a successful move through it could quickly put $100,000 back on the table, followed by potentially $120,000. The asset has already tested the first part of that highly optimistic scenario, but another closely watched technical barrier just sits above the current level.