Bitcoin Eyes Resistance at $80,600 After Double Bottom at $74,000
After a pullback that bottomed near $74,000, Bitcoin (BTC) is showing signs of recovery and is set to test resistance around $80,600, according to analyst Tara. She says BTC formed a double bottom at $74,000 and outlined a three-step move: a climb toward Wave A resistance near $80,600, a minor retracement to about $77,600, then a bullish reversal targeting ~$83,700 (the 0.382 macro Fibonacci). Tara also highlighted invalidation/support levels: a 0.5 macro Fibonacci around $70,700 as Wave 4 invalidation and a Wave 5 target near $150,000 (adjusted to ~$145,000 if BTC revisits $70,700). The analyst noted BTC has filled 0.236 and 0.382 macro Fib supports and is now targeting the 0.5 Fib. Traders are advised to watch resistance at $80,600, short-term pullbacks to $77,600, and the critical support/invalidation zone near $70,700 for trade management and risk controls.
Bullish
The article centers on technical analysis that identifies a clear bullish structure despite recent downside: a double bottom at ~$74k, filled macro Fibonacci supports (0.236, 0.382), and a defined path to test resistance at $80,600 and higher targets near $83,700. The presence of well-defined invalidation/support at ~$70,700 gives traders a clear risk level, which tends to support constructive positioning. Historically, double bottoms that hold at major Fibonacci zones often precede multi-week recoveries; if BTC clears the $80.6k resistance, momentum-based traders and funds could add longs, pushing price toward Tara’s Wave 5 projections. Short-term risk remains: a failure at $80.6k or a break below $70.7k would invalidate the bullish case and likely trigger liquidations and further downside. For traders: the news is bullish if BTC holds current supports and reclaims $80.6k; otherwise outcomes turn neutral-to-bearish. Overall, the structured bullish plan with explicit invalidation points makes this actionable for trend-following and swing traders, increasing likelihood of upward price pressure if technical levels act as predicted.