The BTCUSD pair surged on Monday, climbing more than 4% during Asian and early European trading sessions, building upon the substantial 6% rally experienced on Friday.
Following a brief period of consolidation over the weekend, bulls regained momentum. The initial bullish signal was triggered by a close above the psychological 80,000 barrier, further strengthened by a decisive break through pivotal resistance levels at 82,331 (Fibonacci 61.8% retracement of the 97,572/57,673 decline) and 82,821 (the previous peak from May 6).
The breakout above the 55-week moving average (81,550) and the former peak at 82,821 indicates that the broader cycle has bottomed out. This generates a stronger reversal signal for the entire 126,299/57,673 downtrend, which will be confirmed by a sustained close above 82,821, shifting market focus firmly to the upside.
The next significant resistance levels are situated at 89,467 (100-week moving average) and the 90,000 psychological mark. This upward trajectory is supported by multiple daily moving average bullish crossovers and strengthening positive momentum.
However, overbought conditions on daily technical studies suggest that bulls may encounter near-term headwinds. Any potential pullbacks should ideally be contained by the former peak at 82,821, which has now transitioned into robust support.
Res: 85500; 86320; 89467; 90000
Sup: 83888; 82821; 81550; 80000
