Bitcoin Reclaims $84,000: What Does Technical Analysis Say?

As Bitcoin BTC/USD reclaimed the $84,000 level on Friday, traders and technical analysts are discussing the impacts of the bullish market structure break on price action.

What Happened: Prominent trader Ansem on Thursday on X emphasized that multi-month range breaks are crucial in technical analysis, as they often signal major trend shifts.

Price moves in three phases: uptrend, sideways range (accumulation or distribution), or downtrend.

In bull markets, assets break out from accumulation zones after strong buyers step in, forming higher highs and higher lows.

In bear markets, breakdowns lead to lower highs and lower lows.

Long-held price ranges act as support or resistance due to high trading volume and trapped positions.

When price breaks out or down, momentum in crypto accelerates trends, making these moves significant.

Also Read: Peter Schiff Teases Michael Saylor: ‘Apex Predator’ Gold Has Outperformed Bitcoin By 24% Since 2021

Why It Matters: While false breakouts and breakdowns do occur, traders should respect trend shifts and use key range levels for invalidation.

Historical examples include Bitcoin's false breakout at $69,000 in 2021 led to a sharp correction and Bitcoin's breakout at $4,000 in 2019 confirmed a new bull market.

Currently, Ethereum ETH/USD is testing key levels around $2,000–$2,100—if a breakdown holds, selling pressure could accelerate as trapped buyers exit.

Crypto moves on momentum, the trader concludes, and when trends are confirmed, they accelerate fast in both directions.

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