Bitcoin Support Retest Primes Bulls For Next Attempt At $80K

Bitcoin bulls narrowly missed their $80,000 target, reaching a high of $79,485 before a pullback. This brief correction is seen as a necessary retest of key support levels, a common technical analysis pattern following a breakout. The retest of the former channel resistance, which had capped rallies since February 8th, is crucial for confirming the support-resistance flip. If Bitcoin closes daily candles above this former trendline resistance, it would signal a continuation of the bullish trend. On-chain data, specifically the long-to-short delta, indicates a bullish bias with longs having an advantage, and significant liquidation risk for shorts if the price rises. However, a substantial wall of sell orders between $79,700 and $80,000 suggests that breaking the $80,000 level may still be a short-term challenge.

(Source：Cointelegraph)