Bitcoin tops $80,000, eyes $85,000 resistance

Bitcoin closed above $80,000 on the daily chart for the first time since Jan. 31, completing a reclaim of a descending trendline and the 20-day moving average. The next technical barrier sits near $85,000.

The price rallied after bouncing off about $75,000, a level that acted as resistance in February and March. The 20-day moving average has provided support during the recent advance.

Daily indicators turned constructive: the Relative Strength Index climbed toward overbought levels without showing bearish divergence, and the Moving Average Convergence Divergence produced a bullish crossover. Immediate resistance is at the 0.382 Fibonacci retracement near $85,000; a sustained break above that level would expose the 0.618 retracement around $100,900.

Analyst Michael van de Poppe wrote that institutional demand remains visible, noting roughly $600 million in spot BTC ETF inflows on the first trading day of May and steady flows through April. He identified the $79,000 area as the level that needs to hold for the next leg higher and listed $86,000–$88,000 and $92,000–$94,000 as nearer-term resistance ranges.

Shorter timeframes show potential for a pullback. The four-hour Relative Strength Index is in overbought territory and the MACD histogram has expanded, while trading volume declined during the latest upward leg. Since March 26, Bitcoin traded inside a parallel ascending channel and briefly broke below the channel’s lower band on April 27. Current price action resembles a retest of that broken band from underneath; if the band acts as resistance, price could move back toward $75,000.

The $75,000 area aligns with the 0.236 Fibonacci retracement and the rising 50-day moving average. A drop below that zone would leave those levels exposed. Traders are watching the next 24 to 48 hours for a decisive four-hour close: a return inside the broken channel would reopen a path to $85,000, while a sharp rejection would focus attention on the $75,000 floor.

Market participants point to continued spot ETF inflows through April and into early May as a driver of demand. Technical signals differ across timeframes, leaving both upside targets and downside risks under consideration.