Bitcoin (BTC) Price Trades Up 11% From the Lows, Targeting $80,000 Resistance

Bitcoin is trading up 11% from the lows of $74,450 as of Wednesday, as overall markets saw a significant jump — with the Nasdaq up nearly 12%, the S&P 500 up 9%, and the Dow up 8%.

Bitcoin is trading up 11% from the lows of $74,450 as of Wednesday, as overall markets saw a significant jump — with the Nasdaq up nearly 12%, the S&P 500 up 9%, and the Dow up 8%.

The altcoin market, including ETH, is up 8.35%, but still 40% below its all-time high of $1.6 trillion. It would need to rise by 70% to reach that peak again.

Screenshot via TradingView User NoticeTrades

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Bitcoin Weekly Chart

Bitcoin has shown demand at the previous weekly swing from March 10, which is around $76,560. This is a crucial level for Bitcoin to hold in the short term.

As we’ve seen a significant rally, Bitcoin should not return to the lows if the price is going to reverse the daily trend.

Closing above the 50EMA on the weekly also would be ideal.

Screenshot via TradingView User NoticeTrades

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Bitcoin Daily Chart

Even with this massive rally, the structure on the daily chart still remains bearish. This is why understanding structure is important. Just because sentiment may feel more bullish than ever, as the markets haven't seen a rally like this in a long time, things could still continue the bearish trend.

Screenshot via TradingView User NoticeTrades

In terms of the daily structure, this is a decent start for a rally, but there are key levels to monitor.

The first is the $88,000 range, where price was rejected twice.

The second is the $92,000 range, which is the lower end of the consolidation that eventually broke.

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With this strong rally on Wednesday, you would want to see continuation. That's the key here. If you start seeing this momentum fade and price trades back below $80,000, it could be a sign that this was just a move to create another lower high on the daily, setting up a continuation to the downside.

As always, it’s crucial to stay disciplined and monitor the key levels closely. The market’s reaction at these price points will give us a clearer picture of whether the rally can sustain itself or if the bearish trend will resume. Keep an eye on the structure and adjust your strategy accordingly. Patience and proper risk management will be key as we navigate through these critical levels.

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