BTC is gaining bullish momentum after breaking above the descending trendline, but the real test is whether buyers can defend the breakout.
On the 1H chart, the double-bottom structure around 76K has supported a strong recovery, pushing price above both EMAs with increased volume. The 79K–80K zone now becomes crucial support. A successful retest could establish a stronger foundation for the next rally.
The macro backdrop is also improving. The US dollar has fallen to a one-month low, while Treasury yields and oil prices have eased following the US midterm elections. Improving risk sentiment could support BTC's recovery over the next few sessions.
If buyers hold above 79K–80K, BTC could extend toward 81.5K, followed by the main target near 83K.
The bullish setup weakens if BTC loses 78.5K and falls back below the breakout structure.
Preferred scenario: hold 79K–80K → 81.5K → 83K.
On the 1H chart, the double-bottom structure around 76K has supported a strong recovery, pushing price above both EMAs with increased volume. The 79K–80K zone now becomes crucial support. A successful retest could establish a stronger foundation for the next rally.
The macro backdrop is also improving. The US dollar has fallen to a one-month low, while Treasury yields and oil prices have eased following the US midterm elections. Improving risk sentiment could support BTC's recovery over the next few sessions.
If buyers hold above 79K–80K, BTC could extend toward 81.5K, followed by the main target near 83K.
The bullish setup weakens if BTC loses 78.5K and falls back below the breakout structure.
Preferred scenario: hold 79K–80K → 81.5K → 83K.
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Join our group and unlock real-time Forex, gold, and crypto signals — sharp insights, fast alerts, and opportunities you don’t want to miss.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.