Bitcoin Surges to Six-Week High as Bulls Eye $80K
Bitcoin prices tapped $76,000 on Coinbase in early trading on Tuesday morning, according to TradingView. It is the highest the asset has traded since the Feb. 6 crash.
Bitcoin did it. It just closed the daily candle above the $74,500 April 2025 low, said analyst ‘Sykodelic’ on Tuesday. “To me, this daily close is a signal that the market wants higher,” they added.
Positive Signals From Technical Indicators
“We have lift-off. Breakout move has begun. Early stages,” said analyst ‘Colin.’
He guessed the height of the potential relief rally would be $80,600, which is a retest of the November 2025 lows with a broader range between $79,000 and $86,000 for a relief rally top.
CryptoQuant analyst Julio Moreno observed that Bitcoin’s Inter-Exchange Flow Pulse (IFP) has recently flipped back into bullish territory.
This technical indicator has historically “marked important transitions in market structure, particularly after prolonged periods of suppressed liquidity rotation between exchanges,” he said.
Meanwhile, ‘Daan Crypto Trades’ said there was “good confluence” over at the $83,000 to $84,000 level with both the Bull Market Support band and the big CME gap there. However, the 200-week EMA is still serving as support around $68,000.
Bitcoin is starting to show signs of being “going against the grain of history by successfully weekly closing above the 200-week EMA,” said Rekt Capital. However, there’s also a chance that Bitcoin could “simply meander in and around the 200-week EMA for a while,” he added.
Elsewhere on Crypto Markets
Bitcoin had cooled slightly and was trading at $74,300 at the time of writing, up 9% over the past seven days. Ethereum was also getting a long-overdue lift, surging more than 8% on the day to reach $2,380 before a minor pullback. ETH has gained a whopping 17% over the past seven days.
Altcoins were having their best day in weeks with big gains for XRP, Cardano, Stellar, and Zcash. Meanwhile, the total market cap had reached $2.65 trillion, its highest level since Feb. 4.
The post Bitcoin Surges to Six-Week High as Bulls Eye $80K appeared first on CryptoPotato.
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