Bitcoin (BTC) is nearing a technical breakout after almost two weeks of sideways trading, with resistance at $78,500 and downside support near $73,000 shaping the next move.
Key Points:
- Bitcoin is nearing the end of an elongated four-hour triangle.
- $78,500 is the immediate bullish trigger, with $82,000 above.
- Laurie Dunn sees bearish pressure if buyers cannot break higher.
Bitcoin Breakout Setup
Bitcoin has moved deeper into an elongated triangle on the four-hour chart. The continuation structure still favors bulls.
Dunn noted, however, that recent candle structure has looked stronger on declines than on rallies. Upside moves have formed through smaller candles, while selloffs have been sharper and required fewer candles. Falling Stochastic RSI lines add another bearish signal.
On the daily chart, Bitcoin is also forming what Dunn described as a classic bull pennant, but a clean move through $78,500 is still needed to challenge heavier resistance above.
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Laurie Dunn Outlook
The weekly picture is harder. Bitcoin is approaching a resistance cluster that includes the $82,000 horizontal level, an extended trendline and the 50-week simple moving average. Dunn also pointed to last week's shooting-star candle, a pattern often associated with fading momentum after a rally.
Those signals tilt the technical case toward a pullback if buyers fail to clear the resistance cluster. Dunn identified $73,000 as a likely destination if Bitcoin breaks lower, while a confirmed move above resistance would invalidate that bearish setup.
The current squeeze follows nearly two weeks of sideways price action after Bitcoin's earlier advance stalled below major resistance. Buyers have repeatedly failed to break $78,500 during that period, while the broader weekly structure has kept $82,000 as the more important ceiling.
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