Bitcoin has carried its bullish run into the weekend, surpassing the $73,000 mark and indicating a new wave of strength throughout the rest of the crypto market. The action follows as traders are becoming increasingly optimistic that the BTC might reach the $80,000 levels prior to the month of April. The price increase is not the only notable feature of this rally, but the technical change in the structure of the market, as several indicators now hint at the continuation of the bullish movement, and not the short-term relief.<h2>Bitcoin Invalidates Bearish Pattern</h2>The previous week saw Bitcoin showing signs of a potential bearish pennant on the daily timeframe. A bearish pennant typically means that the price will continue down after a big drop and will trap late buyers before a second leg down. This analysis of a possible bearish pennant has since been voided. Rather than breaking down, Bitcoin has broken out above the pennant’s upper resistance trend line at $70,000, resulting in an extended move up to $73,300, the highest price in over six weeks. When bearish set-ups are invalidated, there will be strong upward momentum due to the fact that traders betting on prices falling (those holding short positions) need to liquidate their positions, thus contributing to the available buy volume that will support bullish price action. <img src="https://jid.rerrkvifj.com/media/customer/creatorSystem/ecf62856-89b9-4ceb-9893-0b75a7a5ff95.png">BTC/USD: The BreakoutBitcoin clears major resistance at 70,000, confirming a bullish exit from the daily pennant. With a high-volume surge backing the move, price eyes a 7% rally toward the 73,300 target. Momentum is back in the driver's seat.<h2>Volume Confirms Strength Behind the Move</h2>To qualify as a breakout, there must be enough volume behind it; hence, this notation above $70k really shows just how much volume went up during this period of time. This is incredibly important. When the rate of volume has risen significantly after the breakout occurs, it indicates that there are real buyers behind the breakout instead of simply being speculative for the short term, which speaks to the conviction of market participants, including some of the larger players. When price and volume move in conjunction, this increases the likelihood of continuation rather than reversal or pullbacks. <img src="https://jid.rerrkvifj.com/media/customer/creatorSystem/f204a8b6-b6df-4f2b-a5c5-6d1e201d7ef7.png">Bitcoin breaking $70,000 with a massive volume surge. Strong bullish confirmation. <h2>Key Moving Averages Reclaimed</h2>Another significant bullish indicator occurred when Bitcoin regained several significant moving averages over a short time. These prices have successfully breached the following areas:200-week Exponential Moving Average around $68,350 20-Day Exponential Moving Average around $69,520 50-Day Exponential Moving Average around $70,580 These eventualities can be monitored by both institutional traders and retail traders. When an asset trades under any of these moving averages, overall sentiment within the market tends to be negative; conversely, when an asset has continued to hold above these averages, it is interpreted as an indication that the asset has once again entered an upward trend and is starting to regain overall domination in the market. The speedy regain of each of these moving averages makes this scenario even more unique and significant. It is an indication of a considerable reinforcement of the previously existing upward trend in the bitcoin market. <img src="https://jid.rerrkvifj.com/media/customer/creatorSystem/b94052d3-1d77-4ef6-a9fc-7c83ef82a12b.png">BTC reclaiming major EMAs. Bullish trend confirmed. <h2>Symmetrical Triangle Points to Further Upside</h2>Since the bearish pattern has been invalidated and important levels have been regained, the structure of Bitcoin now appears to align with a symmetrical triangle formation. A lower high and higher low are being made by price in this pattern, which causes price to tighten into a narrower range. It is indicative of a balance between buying and selling pressure prior to a breakout.Having broken upward out of the triangle, Bitcoin is now forming a possible continuation rally. A typical way of calculating an upside price target from a breakout of a symmetrical triangle is to take the height of the pattern and project that amount up from the breakout point. In this particular instance, this projection takes us up to approximately $80,000. <img src="https://jid.rerrkvifj.com/media/customer/creatorSystem/5d3ff651-bad5-4e46-bca3-dc4a0345c5f7.png">Symmetrical triangle breakout confirmed. Target: $80,000. <h2>Market Structure Shifts in Favor of Bulls</h2>Overall indicators in the marketplace, such as numerous individual indicators, are showing signs of change in general structure. Developing Higher Lows (in price action) after a breakoutA strong defense of previously reclaimed support levelsBuilding momentum above significant resistance levels Together they point to buyers having majority control again after experiencing a long-term transition period. Typically one finds early stages of new trend phases when bearish setups become invalidated and bullish setups have appeared.<h2>What Traders Are Watching Next</h2>Attention is now being directed toward another significant level in the market – namely, the price of bitcoin is currently trading above $73000. The immediate focus is on whether or not bitcoin will be able to remain above the $70000 to $71000 price range which has now become a support level after breaking out. If bitcoin can sustain itself at this price level, it will solidify the bigger bullish picture while increasing the chance of it rising to additional levels. The next psychological and technical target lies at approximately $80000; this number corresponds to the projected targets created by the symmetrical triangle pattern created during the past few weeks – and it’s also a major milestone for how traders perceive the market overall. <img src="https://jid.rerrkvifj.com/media/customer/creatorSystem/a9224c3d-a8fe-46a3-a044-5d6cca31c4b8.png">Support held at $70,000–$71,000. Next stop: $80,000. <h2>Risks to Consider</h2>Although bulls currently enjoy support from the market structure, there are still risks. If we lose the moving averages that we've recaptured, then we would lose our upward momentum. If we retreat below $70,000, this will reject and confirm that this is not a breakout, likely trapping latecomers. As well, macro data and liquidity can impact all short-term price changes for every type of asset (including cryptocurrencies). Even with these headwinds, current evidence is pointing to bullishness.<h2>Conclusion</h2>The fact that Bitcoin crossed beyond $73,000 is not only a price milestone but also represents a shifting paradigm in how this market works. The combination of eliminating a bear pattern, recovering the three key moving averages, and having good buying volume has helped provide evidence for increased strength of BTC. In addition, the formation of a symmetrically-shaped triangle breakout backs up the notion that BTC will continue upwards.If conditions remain similar to today, there is a high probability that by the end of April 2022 BTC will be around $80,000. Right now, the market isn't in a state of defense; the bull market has returned and there is momentum building for the bulls!

BTC has invalidated its bearish setup, breaking $73k with strong volume. By reclaiming key EMAs and confirming a symmetrical triangle breakout, momentum now points toward an $80k April target.


Bitcoin Eyes $80K as Bulls Take Control After Breakout Above $73K


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