Bitcoin charts point to a possible rally to $80,000, but spot volumes need to increase in order for the rally to hold.
Bitcoin (BTC) is testing the $71,500 pivot, a key level across multiple timeframes and analysts noted that price action is tilted toward a possible rally to $80,000.
As traders remain split between futures-driven speculation and weak spot demand, Bitcoin has tested the $71,500 inflection point four times in the past seven days. A positive is that the price has held above the 50-period exponential moving average (EMA) on the four-hour chart, but the 50-day EMA on the daily chart continues to act as a level of resistance.
Crypto trader Skew described the position as a “compression zone,” where the tightening price range and trading may lead to a strong directional move.
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