Bitcoin Eyes $84,000 as Bullish Momentum Spreads to Major Altcoins

Bitcoin (BTC) has regained significant momentum, surging past the $78,333 resistance level. This price action indicates sustained buying pressure from bulls and clears a technical path for the asset to potentially reach $84,000. Market analysts suggest that the recent recovery off the $60,000 mark may have established a cycle bottom. Technical indicators support this optimistic outlook. The Bitcoin Bull Score Index (BSI) has entered neutral territory for the first time since the start of the bear market, while the adjusted Net Unrealized Profit/Loss (NUPL) has turned positive. However, some analysts caution that similar neutral readings in early 2022 were followed by further declines, suggesting a need for sustained support. For Bitcoin, the 20-day exponential moving average (EMA) at $73,758 remains the critical support level. A failure to hold this level could invalidate the current bullish setup and lead to a correction toward the 50-day simple moving average (SMA) of $70,934. This bullish sentiment is extending to major altcoins. Ethereum (ETH) has rebounded from its 20-day EMA of $2,273, with a move above $2,465 potentially opening the door to $2,800. Similarly, BNB has cleared the $649 resistance level, eyeing targets of $687 and $790. Solana (SOL) continues to trade near its moving averages, with key resistance levels identified at $91 and $98. Overall, the market is shifting from a pattern of selling rallies to buying dips. While the path of least resistance currently appears to be upward, the ability of these assets to sustain levels above their respective moving averages will determine if this is a long-term trend reversal or a short-term relief rally.