Bitcoin is holding strong near $83,780, registering a 1.5% intraday gain and attracting renewed interest from technical analysts. Among them is John Bollinger, the man behind the Bollinger Bands, who recently identified a potential W-bottom reversal pattern forming on the weekly BTC chart.
The setup, Bollinger says, needs confirmation via a breakout above the 20-week moving average—estimated around $84,000. Until then, bulls are watching closely.
Market Dynamics: Stocks and Crypto Interlinked
Bitcoin’s price trajectory continues to echo U.S. equity benchmarks. The Nasdaq and S&P 500 have both seen major volatility lately, with Fidelity’s Jurrien Timmer suggesting the S&P is now in oversold territory.
Economist Timothy Peterson warned that Bitcoin tends to follow equities during recoveries, not lead them. So, any further BTC rally will likely depend on a broader market recovery and a shift to risk-on sentiment.
$70K Holds, But $84K Is the True Battleground
The recent bounce from $70,000 supports Peterson’s earlier prediction, though he’s now more cautious due to external economic pressures.
Meanwhile, Bitcoin just broke through a significant resistance at $83,560, signaling bullish continuation:
- Supports: $80,920 (50-day EMA), $80,000
- Immediate resistance: $84,000
- Targets: $86,400 and $88,600
- Momentum indicator: RSI at 62—bullish but not overheated
If BTC decisively closes above $84K, the next leg higher toward $91K may be underway.
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