Bitcoin Breaks $80,000 After 25% Surge — Can Bulls Clear the Next Major Resistance?

On Aug. 25, for the first time in nearly 15 weeks, Bitcoin crossed above the $80,000 mark and continued to rebound powerfully, wiping away losses in May. The cryptocurrency soon hit the $81,000 mark briefly after a 25% rise over the past seven days, taking its market capitalization to $350 billion, above last week’s figure.

This move introduced BTC▲$62,630.00 into the key resistance region of $80,000 to $82,000, putting a cap on the coin’s price movement in May.

If the daily close is above the $82,000 level, it would mean that the breakout is confirmed and buyers have the strength to keep up with the rapid rise. If the rally fails, the next support zone is between $76,000 and $78,000, and it could be the first consolidation target.

Momentum indicators remained constructive, with the Know Sure Thing indicator just below 112.50, well above the signal line around 40.20, confirming positive acceleration in the upside momentum.

The Money Flow Index was at 77.22, indicating meaningful buying pressure but close to the overbought level of 80. It did not indicate an imminent correction would occur, but did indicate that the rally was overextended.

The weekly candle was stronger: According to Rekt Capital, Bitcoin’s weekly close above its 50-week exponential moving average is technically bullish, but the price is still barely above it. A failed retest could weaken the breakout, which will increase the chance of a second relief rally instead of a trend-reversal.