Bitcoin Bullish on Its Way to $80,000 but Likely to Hit Strong Resistance

Quick overview

Bitcoin (BTC) made tremendous progress this week, moving from $70,800 on Sunday to $76,796 (BTC/USD) on Friday, and the next key milestone for it is now $80K.

Now just 4.3% from reaching $80,000, Bitcoin is bullish and could surpass that level this weekend. There is a strong resistance likely to form, though, as Bitcoin nears that key price point. Investors should expect some pullback close to $80K, but we anticipate the coin to move past that mark soon.

Bullish indicators should give the BTC rate a strong push upward in the next 48 hours, as talks of peace in Iran have made the rounds this week. Reports of decent Bitcoin ETF inflows are also promising for investors hoping the coin will continue to make progress back toward its October highs.

Bitcoin Enters Crucial Juncture

As the BTC price nears $80K, there is an increased risk that selling pressure will climb rapidly. Risk averse investors may sell off their coins in an attempt to make a profit before the coin drops again. Bitcoin has not been this high since the end of January, so there is concern that it may falter near this key level and lose ground quickly as it faces resistance.

Between $77K and $80K, the coin may slow down. Already, Bitcoin has gained 3.17% over the last 24 hours, and it gained 1.57% in the last hour, so we may simply be seeing a short term jump that tapers off quickly and loses its momentum later in the day. According to some analysts, Bitcoin is entering a zone where it starts to trade at a significantly lower price. Days of gains may not hold for long, and the higher Bitcoin moves in a short period of time, the stronger the risk is that it will start to slide back.

Investors should keep in mind that Bitcoin is nearly 40% below its all-time high. The coin also fell sharply in February, losing 27% of its value in just a few days. That occurred at the start of the Iran conflict, and while we may not see a repeat of that severe drop, the relative peace in Iran right now is fragile and could be broken at any moment.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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