Bitcoin Rally Underway, but Analyst Sees Resistance at $84,000

Bitcoin returned to $80,000 for the first time in three months and reached its highest level since January, signaling renewed buying after the previous pullback. Cointelegraph cited traders as saying the short-term holder cost basis and technical momentum would be key to the next move. The rally may continue only if $80,000 turns into support.

In the latest market assessment as of May 4, Bitcoin held above $80,000 ahead of the weekly close, though traders warned that the pullback might not be over. Analysts initially targeted $84,000 and $88,000. A break above the resistance zone would put the short-term holder cost basis near $92,000 in view as the next target, with the price potentially reaching $95,000 in an optimistic scenario.

Bitcoin's latest rebound has been supported by inflows into U.S. spot Bitcoin ETFs and favorable macroeconomic developments. However, the price remains capped by a descending bear-market trendline extending from its previous high. Breaking that resistance would be a key signal that the market is reversing its medium-term weakness and that bulls are regaining control.

As of July 20, Bitcoin had pulled back after hitting the bear-market trendline during its advance, temporarily undermining analysts' $88,000 target. Although ETF buying and the macro environment remain broadly positive, the next leg of the bull market could be delayed unless the price decisively breaks above the trendline and holds there.

Bitcoin, the largest crypto asset by market capitalization, faces a key technical pivot at $71,500 across multiple time frames. The level is also the neckline of an inverse head-and-shoulders pattern on the four-hour chart. Cointelegraph said futures buying was strengthening while spot demand on Coinbase remained weak, making Bitcoin’s ability to turn the level from resistance into support crucial to its next move.

On March 25, 2026, BTC tested $71,500 for the fourth time in seven days. It continued to hold above the 50-period exponential moving average on the four-hour chart, while the 50-day EMA remained a source of resistance. Trader Skew said the price had entered a compression zone. If spot volume follows, a breakout could initially target $76,000, while analyst Mikybull said Bitcoin could reach $80,000.

Bitcoin recently approached $72,000, with geopolitical uncertainty doing little to weaken market demand. Cointelegraph analysis said net outflows from exchanges and the “value area” thesis indicate that investors continue to accumulate positions. A new uptrend could be confirmed only if Bitcoin turns $72,000 from resistance into support.

The March 25 price analysis focused on whether BTC could hold above $72,000 and tracked short-term patterns in ETH, BNB, XRP, SOL, DOGE, HYPE, ADA, BCH and LINK. The latest report said renewed Bitcoin demand was giving bulls momentum, but trading volume and the performance of any retest would still need to be monitored after a breakout to guard against a false move.