Bitcoin surged 25% to approach $80,000, marking a significant shift in momentum. Analyst Doctor Profit believes the bear market has ended and BTC has entered a Soft Bull Market, with $71,000 as key support and $78,500 as the next major resistance. A break above $82,000 could signal the transition to a full bull market, while weekly and monthly RSI remain in neutral zones. The recent rally was largely driven by forced short covering rather than new leveraged longs or massive spot purchases. Analyst Ali Martinez sees a similar setup to 2019, when the crypto gained nearly 32% in one week, and January 2023, when BTC jumped 25% after the FTX collapse.
Source: Read the original article
