Analysts target $80,000–$85,000 for Bitcoin if 200-day SMA breaks

Short-term recovery and moving averages

In recent trading sessions, Bitcoin has managed to close above all its exponential moving averages from the 5-day to the 50-day timeframe. Analyst Super฿ro highlighted that these technical gains imply buyers are regaining the upper hand following a period of market weakness.

Additionally, the daily chart shows a bullish cross, with the 10-day SMA moving above the 20-day SMA. Bitcoin is currently holding above both of these averages, reinforcing a positive technical outlook. This upward structure could support further gains as long as Bitcoin maintains daily closes above the $63,000–$64,000 range.

Key resistance zones ahead

Despite the bullish momentum, the 200-day SMA at approximately $72,800 stands as the primary resistance before higher levels can be considered. Prior to this point, analysts are watching a resistance zone between $67,500 and $70,500, which contains an unfilled fair value gap. Some market participants note that a definitive close above this area would be required to build the case for a test of the 200-day SMA.

If Bitcoin fails to surpass these resistance levels, the asset could revert to retesting previously reclaimed moving averages, signaling continued market indecision.

Mini dictionary: Fair value gap, a price range on a chart where relatively little trading activity has occurred, often seen by technical analysts as a level that price may revisit or react to in the future.

Analysts’ targets and long-term indicators

Michaël van de Poppe, a widely followed market analyst, stated that if Bitcoin breaks through key resistance, the next significant target falls in the $80,000–$85,000 band. He pointed out that this target aligns with the declining 50-week moving average, which typically serves as resistance during the early stages of a new bullish cycle.

On the weekly timeframe, Bitcoin must recover its shorter-term moving average and reclaim the previous local high around $75,000 to maintain upward momentum. Failing to overcome these technical hurdles could result in the price consolidating further within a broader range instead of making a sustained move higher.

Technical analysts point out that Bitcoin has reclaimed all exponential moving averages from the five-day to the 50-day chart, supporting a more bullish outlook as long as price remains above the $63,000–$64,000 region.

Market observers continue to monitor these key levels and technical signals to gauge whether Bitcoin’s recent rebound can translate into a sustained recovery in the coming months.