The leading cryptocurrency, Bitcoin (BTC), has surpassed the long-awaited $80,000 mark. This morning, it continued its upward trend, climbing above $81,000.
Aside from Bitcoin, major altcoins saw some movement. Ethereum (ETH) traded at $2,370, up just 0.3% from the previous day, while XRP fell 0.5% to $1.4.
Bitcoin’s rise above $80,000 has increased investors’ bullish expectations, but analysts note that BTC is facing resistance at the $80,000 level.
At this point, from a technical and psychological perspective, $80,000 is more than just a number. This level serves both as a resistance zone that has been standing in the way of price movement for several weeks, and as a threshold for institutional buyers.
Popular cryptocurrency analyst Michaël van de Poppe noted that Bitcoin finally broke through the significant and strong resistance level of $80,000 yesterday.
The analyst noted that the fact that $80,000 has long acted as a resistance level for BTC doesn’t necessarily mean there will be selling pressure and a sharp decline.
Arguing that the foundation for an upward trend has already been laid, the analyst predicted that BTC would experience further gains after a short period of consolidation.
He added that he sees $86,000-$99,000 as the first resistance zone, and $92,000-$94,000 as the next critical resistance zone.
Poppe concluded by noting that the structure of Bitcoin currently appears solid, and that the short-term uptrend could continue as long as the price does not fall below the $73,000 to $75,000 range.
*This is not investment advice.
Continue Reading: Will Bitcoin (BTC) Turn Back from $80,000? Or Will the Rise Continue? An Experienced Analyst Answers!
 Turn Back from $80,000? Or Will the Rise Continue? An Experienced Analyst Answers!){kind=link}