BITCOIN - The bull market is consolidating above 79,500

May 9

BTCUSDT.P is maintaining the upward trend that began in late March and is showing signs of a bull market. A trading range has opened up between $79,000 and $95,000...

The geopolitical backdrop is unstable, but Bitcoin has proven to be a fairly confident player in the current market; however, when compared to the movement of U.S. stock indices, which are the driver for the flagship asset, it is lagging behind. Nevertheless, after a prolonged consolidation, the market has entered a growth phase. The local high has been updated to 82,800, but at the same time, a false breakout of the local resistance at 81,700 has formed. The result is a correction and a retest of the liquidity zone and the strong support area at 79,485. The long squeeze, in turn, shifts the balance of power toward buyers and allows the market to consolidate. The structure remains intact, and after local consolidation or a retest of the zone of interest, growth may continue

Support levels: 79,700, 79,450, 78,800
Resistance levels: 80,480, 81,750, 82,830

The market is consolidating near the key resistance level of 80,480. A breakout and close above this zone could trigger a continuation of the uptrend toward 81,750–82,830. However, I do not rule out an attempt to retest the 79,700 zone of interest before a bullish run.

Best regards, R. Linda!

May 10

Trade active

Bitcoin heads towards 81750

May 11

Trade closed: target reached