Will Bitcoin Rise Again to $85,000 Next? Daily Chart Confirms Breakout

Bitcoin
BTCUSD
successfully retook the $80,000 level for the first time since January 31, ending a three-month price drought. This breakout has turned a key level into support and now shifts focus to $85,000 as the next major test.

Daily indicators show constructive signals, but lower timeframes still show warning signs. A breakdown from the multi-week upward channel suggests the bear is not fully out of the market.

Daily Bitcoin Chart Confirms Breakout Above Downtrend Line

BTC bounced from the $75,000 area, which previously served as resistance during February and March, and is now moving higher supported by the 20-day moving average. This price marks the first daily close above $80,000 in over three months.

The breakout also completes a clean reclaim of the downtrend line drawn since the April 13 swing high. The Relative Strength Index (RSI) continues to rise and is now slightly below the overbought area, with no bearish divergence on the daily timeframe.

The Moving Average Convergence Divergence (MACD) has also reversed direction with a bullish crossover.

The nearest resistance is at the 0.382 Fibonacci retracement around $85,000. If broken, the path opens to the 0.618 retracement at $100,900, in line with the bullish projection discussed earlier this month.

Van de Poppe Sees $86,000 as First Resistance Target

The bullish daily setup aligns with analyst Michael van de Poppe’s view, who shared the daily BTC/USDT chart and highlighted institutional demand. He revealed that $600 million was invested into Bitcoin spot ETFs on the first trading day of May, consistent with large inflows throughout April.

Van de Poppe states that this recent consolidation is shallow, indicating buyers are absorbing corrections directly and that capital inflows are still increasing. He highlights the $79,000 zone as a level that needs to be broken and maintained for the next rally.

“Strong consolidation on $BTC… The $79K area is a crucial zone. That needs to break. If this breaks, I’m assuming we’ll see more upward momentum and I’ve got $86-88K as first resistance area and $92-94K as the crucial one.”

His roadmap places $86,000 to $88k as the first major resistance and $92,000 to $94k as the next decisive zone. This layered map aligns well with the support levels also discussed in previous BeInCrypto coverage.

4-Hour BTC Chart Indicates Potential Drop to $75,000

Lower timeframes make the bullish story on the daily chart more complex. On the 4-hour chart, RSI has entered overbought territory and MACD shows higher green momentum bars.

However, volume has actually decreased during this recent rally, suggesting stronger moves could still occur ahead.

Bearish scenarios remain possible. Since March 26, BTC has been moving within a parallel upward channel, then broke down from the lower band on April 27. Current price action appears as a retest of the channel that was broken from below.

If the lower band of the channel becomes resistance and rejects the price, BTC could fall back to $75,000, where bulls need to defend the 0.236 Fibonacci retracement level and the rising 50-day moving average. If this area is broken, the overall bullish thesis will be invalidated and past patterns of ETF fund flows weakening and price corrections could repeat.

The next 24 to 48 hours are critical. A decisive 4-hour close within the broken channel will invalidate the bearish scenario and open the way to $85,000.

If a sharp rejection occurs, market attention will shift back to the $75,000 level as the next floor.