Bitcoin: Two BIG Breakouts...$80K Next?

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BTC Statistics:

Market Capitalization: 1.18T
CryptoAsset Rank: #1
24-Hour Return: +5%
7-Day Return: +8.25%
From All-Time High: -1%

Technical Setup:

After roughly 6 weeks of trending sideways in what many were calling a symmetrical triangle, BTC finally broke to the upside over the past 24-hours and could be headed higher in the forthcoming days.
The breakout coincides with BTC's annualized volatility hitting a 19-week low and the Bollinger bands contracting to their tightest range since October 2020.
As such, with BTC sitting at an all-time high and volatility at a near 5-month low, it's hard to not be bullish.
Note that BTC's price didn't only breakout, but so did its 14D RSI. As shown in the chart provided above, the index finally pushed through a massive downtrending resistance line dating back to the start of the year. What this suggests is that new bullish momentum may be building.
Assuming the bulls can keep pushing forward, a move up to roughly $80,000 would be aligned with the test of a multi-month uptrending line of resistance that BTC already tested in January, February, and March.
A move up to 80K equates to an incremental +27% gain from current price.

phum126

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