Bitcoin gains 7% and tests $80k 🔼 What does technical analysis suggest?

Bitcoin is up around 7% today and has risen by approximately 30% from the levels seen last week. At the same time, the RSI has climbed to around 84, reaching its highest overbought levels since 2023. Earlier, the price fell from around $126,000 to below $60,000, which represents a relatively shallow decline compared with previous Bitcoin bear markets, when drawdowns typically reached 70-80%.

However, it is worth noting that Bitcoin's market capitalization has increased many times over during the past 10 years, so it is difficult to directly compare BTC valued today at around $1.5 trillion, with access to Wall Street capital, to the much smaller speculative asset it was in the past. From this perspective, a decline of more than 50% from the peak remains significant and suggests that Bitcoin has already experienced a deep sell-off. Formally, however, the bear market is still ongoing, as the price remains around 40% below its record highs.

Bitcoin breaks above the EMA200 and 23.6% Fibonacci retracement. Next resistance near $84,000

Looking at Fibonacci retracement levels, the price has moved above the 23.6% level, which is located close to the key 200-session EMA200, marked by the red line. The most important technical resistance now appears to be the 38.2% Fibonacci retracement of the decline that began in late 2025, located near $84,000 and additionally reinforced by the local high from May.