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BTC has reclaimed several major technical levels that previously acted as resistance, and it could resolve the remaining ones in a few days.
ByWayne Jones
<a href="https://xpertsstudio.com/crypto-market-braces-for-impact-as-fed-chair-kevin-warsh-speaks-today/” title=”Crypto Market Braces for Impact as Fed Chair Kevin Warsh Speaks Today”>Crypto analyst Sykodelic says Bitcoin has now cleared roughly 80% of the technical conditions needed to confirm that its recent low is in, with the final answer likely to arrive in the next few days as the weekly and monthly candles close.
Whether BTC can close above $82,700 in that window will decide if the bottom has locked in for good or if there is still room for one more drop toward $75,000 first.
Where the Confirmation Case Stands
In a post on August 28, Sykodelic laid out which boxes have already been checked. For one, Bitcoin has reclaimed the $67,000 local structure level and the $74,400 higher-timeframe structure level.
It has also moved back above its daily 200 SMA and EMA, reclaimed its weekly 50 EMA, and pushed its daily RSI above 85, something the analyst says never happens during a bear-market bounce.
What is still missing is a weekly close above the 50 SMA at $82,000, a weekly close above the Supertrend line at $79,000, a higher low set above $82,700, and a monthly close above $76,463.
“Bitcoin has put in 80% of the data needed to confirm the low,” Sykodelic wrote. “However, for this low to be undeniable, we need to close above $82,700.”
The analyst mapped out two paths from here: a push back above $82,000 this week could send price toward $90,000 quickly, while chopping below the aforementioned $82,700 could mean there’s still one more leg down to around $75,000 to go before that level eventually gets taken out.
In another post, the analyst added that he’d seen another bottom signal. Short-term holder MVRV Bollinger Bands have entered an overheated zone for the first time since November 2024. He pointed out that similar readings appeared near the ends of the 2018 and 2022 bear markets and described the latest reading as the third-largest in nine years.
Source: cryptopotato.com