Bitcoin Eyes 8% Breakout: Trendline Support Sparks Bullish Momentum

• Bitcoin rebounds from a critical trendline, signaling strong buyer interest and reinforcing its bullish structure.
• An ascending triangle pattern hints at an 8% breakout, with resistance near $83,000 and strong support from higher lows.
• Sustained demand at higher levels strengthens bullish sentiment, though sellers are still defending the key resistance zone.

Bitcoin is rebounding off a significant trendline support, according to well-known cryptocurrency expert Ali. The price increased by 5.03% and reached a new high of $82,509. It peaked at $83,733, fell to $76,600, and opened at $78,599 as well. Healthy buying demand is suggested by this bounce from the support.

Bitcoin Maintains Bullish Structure Despite Volatility

Bitcoin’s trajectory is influenced by the long-term ascending trendline as seen on the data. Bitcoin stayed within this trendline even if it fell precipitously. Due to strong buying activity following the recent decline to $76,000, the price rose back above $80,000.

Besides, Bitcoin’s price structure remains bullish, characterized by higher highs and higher lows. This pattern reflects sustained upward momentum. The price recently corrected after reaching levels above $100,000. Maintaining levels above this support could pave the way for further gains.

Ascending Triangle Signals Possible Breakout

Ali, on another analysis suggested that Bitcoin is nearing an 8% breakout. The price action has formed an ascending triangle pattern, featuring horizontal resistance near $83,000 and higher lows supported by the trendline. The recent decline of 7.92%, or $6,612, has not disrupted this formation.

Additionally, Bitcoin’s price traded at $82,740. The market has tested the resistance level multiple times, indicating consolidation. This tightening price action often precedes breakouts.

Moreover, the trendline’s support and the testing of resistance levels suggest growing bullish sentiment. The balance between buyers and sellers is evident as price fluctuations increase near the pattern’s apex. The sustained demand at higher levels strengthens the case for an upward breakout.