Bitcoin Approaches $80K, Market Shows Signs of Reversal—Is a Significant Shift Ahead?

Bitcoin is currently trading near $80,000, exhibiting a double bottom pattern, a classic indicator of a bullish reversal. This technical setup implies that buyers are entering the market at $77,795, defending crucial support and potentially paving the way for an upward breakout.

A move above $83,628 could confirm a change in trend, while a failure to surpass this level may lead to renewed selling pressure.

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The ongoing rally is fueled by increasing optimism regarding U.S. regulatory support for cryptocurrencies and a rise in institutional adoption.

While European officials express concerns about stablecoins potentially challenging the euro, the U.S. continues to embrace digital assets, indicating a shift that could position America as a global crypto hub.

BBVA Expands Crypto Services, Enhancing Market Confidence

Spain’s BBVA, the second-largest bank in the country, has received regulatory approval to provide trading and custody services for Bitcoin and Ethereum. Initially available to a limited group, this service will soon extend to all private clients, further solidifying Bitcoin’s mainstream acceptance.

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• Unlike other institutions that rely on third-party custodians, BBVA will implement its own custody system, improving security and minimizing counterparty risk.
• Following the announcement, Bitcoin surged toward $80,000, as investors viewed BBVA’s initiative as a step toward greater financial integration.
• BBVA’s prior experience in Switzerland and Turkey, where it launched crypto services in 2021 and 2023, bolsters confidence in its ability to execute this expansion effectively.

The increasing involvement of the banking sector in crypto lends legitimacy to digital assets, enhancing investor sentiment.

Cathie Wood Envisions Bitcoin as the ‘New Bretton Woods’

Ark Invest CEO Cathie Wood perceives Bitcoin as a financial revolution, comparing it to the Bretton Woods system that once backed the dollar with gold. She predicts a deflationary surge by late 2025, driven by AI and automation, which would reduce inflation while increasing productivity.

• Wood anticipates U.S. GDP growth of 7.3%, citing potential $4.5 trillion tax cuts and SEC regulatory changes under a second Trump administration.
• With clearer regulations, crypto firms that previously relocated offshore are returning to the U.S., reinforcing Bitcoin’s role in financial markets.
• Bitcoin’s capped supply of 21 million coins makes it an increasingly attractive hedge against fiat currency devaluation.

Bitcoin has already risen to $83,200, as investors interpret Wood’s perspective as a long-term endorsement of Bitcoin’s status as a financial safe haven.

Bitcoin Tests $80K—Can Bulls Regain Momentum?

Bitcoin (BTC/USD) is attempting to recover after bouncing back from $77,795, currently trading around $80,827, reflecting a 0.49% increase in the last session. The support level at $77,795 has remained intact, preventing deeper losses.

However, BTC is still below the descending trendline and the 50-period EMA at $85,141, indicating that bearish momentum has not yet dissipated.

• Key Resistance Levels: $83,628, $86,967, $91,018
• Key Support Levels: $77,795, $74,634, $71,918

A breakthrough above $83,628 could shift sentiment toward a more bullish outlook, setting the stage for a move toward $86,967. Conversely, failing to clear this level may invite renewed selling pressure, potentially driving BTC back toward $77,795.

A decisive drop below this support would expose Bitcoin to further declines, with $74,634 and $71,918 as the next downside targets.

For the moment, Bitcoin remains in a consolidation phase, and traders are closely monitoring whether bulls can regain control or if bearish momentum will continue.

BTC Bull: Earn Bitcoin Rewards with the Hottest Crypto Presale

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• Current Presale Price: $0.002405 per BTCBULL
• Total Raised: $3.4M / $3.66M target

With investor interest rising, this presale presents an opportunity to acquire BTCBULL at early-stage prices before the next price increase.

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