Bitcoin is trying to hold onto the bullish support band it regained after last week’s breakout. at the same time, $BTC A break above $82,750 is required to confirm stronger upward momentum.
Bitcoin retests bull market support band after weekly breakout
Bitcoin is testing the bull market support band again after breaking above it last week, according to $BTC Weekly chart shared by Daan Crypto Trades.
The chart shows that $BTC It is trading around $81,000, close to the support band marked between roughly $75,900 and $79,000. This zone is important right now as Bitcoin recently regained this zone after spending several weeks below it.
Bitcoin weekly bull market support band chart. sauce: Daan cryptocurrency trading takes place in X
Bullish market support bands often serve as important trend areas during larger market cycles. If the price is above it, the broader bullish structure remains stronger. If the price falls, the momentum may weaken again.
$BTC It also remains above the weekly 200EMA near $68,800 and the weekly 200MA near $61,100. These long-term moving averages are below the current price, meaning Bitcoin still has a deep support zone even if the retest fails.
For now, the main test is whether Bitcoin can maintain the support band after the breakout. If the weekly close is above this zone, the recovery structure will remain active and support further upside.
however, $BTC A break below the band would weaken the recent breakout. In that case, the price could move back towards the weekly 200 EMA area where buyers intervened earlier during the correction.
Bitcoin price rebounds from support as $82,750 breakout level comes into focus
Bitcoin price reacted from the support area marked on the 4-hour chart shared by Man of Bitcoin and moved back towards the top of the short-term range.
The chart shows that $BTC It bounced back after testing the orange support box near the $78,700 to $76,500 area. This reaction caused the price to recover towards the $81,000 zone.
Bitcoin 4-hour Elliott Wave Roadmap Chart. sauce: X Bitcoin Man
However, the chart marks $82,750 as a major breakout level. Once that level is exceeded, the first signs will appear. $BTC We are following the orange roadmap shown in the chart.
If Bitcoin breaks above $82,750, the next upside levels will remain near $86,580, $87,220, and $89,529. A stronger continuation could bring the $94,600 to $95,180 zone into focus.
A broader bullish target on the chart is near $97,990. That level will appear near the top green resistance area, marking the top target of the expected move.
but, $BTC Still needs confirmation. If the price falls below $82,750, the near-term setup remains uncertain. In that case, Bitcoin could revisit the support zones around $78,779 and $77,851.
A deeper pullback would weaken the orange roadmap and bring the focus back to the lower support area around $74,917.
