Bitcoin Approaches Key Resistance in Bull Market Cycle: path $130

• Bitcoin nears key $75,808 resistance, potential breakout could boost bullish trend.
• 2024 halving could trigger price surge as supply reduction impacts Bitcoin’s scarcity.
• RSI suggests short-term pullback, while MACD signals continued upward momentum.

Bitcoin’s price is in a critical phase of its bull market cycle. Analyst Peter Brandt says to watch key levels as the cryptocurrency reaches for its peak, expected between $130,000 and $150,000 by late 2024.

Bitcoin’s price has moved in cycles tied to its halving events, which reduce mining rewards and often cause supply scarcity. Current charts show Bitcoin is near a resistance point, with technical indicators that suggest the bullish momentum will continue.

Resistance Levels: Bitcoin Nears $75,808 Barrier

Bitcoin’s immediate challenge lies at a resistance level near $75,808, a level that has historically hindered further price gains. The live Bitcoin price is around $75,756, and a sustained move past this resistance could open pathways toward new highs. 

Resistance levels like this one often require significant volume to overcome. A strong breakout here could signal the continuation of Bitcoin’s bullish trend, especially if other technical indicators remain positive.

Read also: Bitcoin’s $76K Surge Highlights the “Trump Trade” Effect

On the downside, Bitcoin has established strong support around the $35,000 range. This level has been crucial in previous price consolidations and served as a foundation for the current upward movement. 

If Bitcoin’s price corrects, $35,000 will likely be a support level, providing a safety net for investors. This support zone may also help Bitcoin’s price if the broader market pulls back.

Halving and Cyclical Patterns

Bitcoin’s next halving, scheduled for 2024, is a significant event that could influence price trends. Historically, halving events have led to supply reductions, limiting the number of new Bitcoins entering circulation. This scarcity has previously sparked rallies, and the current cycle shows similar upward momentum leading into the halving period. 

Also, Bitcoin’s price chart shows a pattern of about 74 bars (518 days). Past cycles show these intervals often happen before bullish breakouts, suggesting a price surge in the coming months.

Technical Indicators Signal Bullish Momentum

As at press time, Bitcoin price stands at $75,756.04, reflecting a 1.91% rise over the last 24 hours, with trading volume surpassing $64 billion. The 4-hour Relative Strength Index (RSI) is around 70.63, implying overbought conditions in the short term, which may signal a brief pullback before further gains. 

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, with the MACD line trading above the signal line, pointing to sustained upward momentum.