Bitcoin is at a pivotal technical juncture as two market analyses point to an extended recovery cycle and a fresh upside breakout. According to CryptoQuant, the current recovery is only about 100 days old, and historical patterns suggest each Bitcoin cycle takes longer to reclaim its all-time high after a bear market. Traders are closely watching the $64,000 to $65,000 resistance zone, while on the downside the $80,800 area has emerged as major support.
A separate technical outlook notes that Bitcoin recently reversed upward from a support zone that included the former May and September resistance near $80,800, the lower daily Bollinger Band, and the 50% Fibonacci retracement of the mid-September impulse. The move produced a daily Bullish Engulfing pattern, completed an intermediate ABC correction, and broke the daily down channel from the start of October.
The breakout has accelerated a minor impulse wave, and analysts now expect Bitcoin to target the next resistance level at $86,960, which previously capped wave (1) in late September. Renewed inflows into US spot Bitcoin ETFs and improving bullish crypto sentiment are supporting the near-term outlook, though a failure to hold momentum above $65,000 could lead to further consolidation or a pullback.
