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As Bitcoin (BTC) enters a rising phase, breaking through strong skepticism about the market's recovery, investors are now setting their sights on $84,000 as the next price target.
Cryptocurrency specialized media outlet Cointelegraph reported on May 4 (local time) that Bitcoin is on the verge of conquering the $84,000 mark, riding on its recent strong upward momentum. Even after Bitcoin's price broke through the psychological resistance level of $80,000, skepticism among market participants about the sustainability of the current rally persists, yet the price continues to move upwards. Experts characterize this phenomenon as a typical "rally of doubt" and highly evaluate the potential for further gains.
As Bitcoin surged to $80,631, hitting a 94-day high, market analysts are focusing on whether it will break past the next technical resistance level of $84,000. The strong buying pressure formed in the early $80,000 range is effectively absorbing short-term profit-taking sales, thereby strengthening price support. Particularly, a large-scale liquidation of short positions in the futures market is accelerating the upward momentum. Investors anticipate that if the price successfully surpasses $84,000, a full-fledged bull run towards $90,000 will commence.
Technical indicators suggest that Bitcoin still has ample room for further upside. Key indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) maintain bullish signals, while trading volume is also rising in tandem, supporting the rally. While many investors hesitate to buy due to concerns about a peak, accumulation by institutional investors is becoming more sophisticated. The current upward trend could accelerate further before market doubt turns into conviction.
This Bitcoin rally is regarded as a case that proves the market's structural strength, going beyond a mere price recovery. $84,000 is a critical watershed that Bitcoin must overcome in its journey towards breaking its all-time high. Market participants are closely monitoring real-time price fluctuations and exchange inflows, continuing strategic responses tailored to the moment Bitcoin breaks $84,000.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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