Bitcoin Price Surge Puts $80,000 All-Time High in Sight

Bitcoin is on a tear once again, with its price surging over 8% higher to trade well above the $67,500 resistance level. The latest rally has analysts eyeing the possibility that Bitcoin could soon set fresh all-time high prices above $80,000.

The world’s largest cryptocurrency by market cap is currently trading at around $68,000 as of this writing. It briefly spiked as high as $68,786 today before paring some gains – just shy of its record peak of $69,044 set in November 2021.

Bitcoin’s price has been steadily grinding higher over the past few days, taking out the $66,500 resistance and leaving the $80,000 level as the next major upside target. On technical charts, Bitcoin’s price has formed a connecting bullish trend line with support at $66,000, suggesting the upward momentum could continue.

Commenting on the rally, crypto analysts at FXStreet noted, “Bitcoin price could accelerate higher toward the $69,200 resistance or even $80,000. If there is a clear move above the $80,000 resistance zone, the price could rise toward the $81,200 level.”

They added, “Any more gains might send the price toward the $81,000 level.”

While a potential new all-time high is in sight, Bitcoin’s ascent has not been straight up. There is a possibility of another downside correction if buyers fail to surmount the $68,800-$69,200 resistance zone. Key support levels to watch on the downside are $67,000, $66,000, and $65,000.

Regardless, Bitcoin’s price resurgence comes amid a broader crypto market rally, with Ethereum and other major altcoins also posting solid gains over the past week. The total crypto market cap has now surpassed $1.9 trillion.

Bitcoin’s upswing has been fueled by a combination of factors, including increasing institutional adoption, the economic chaos resulting from banking failures like Silicon Valley Bank, and accumulation by large investors amid expectations of an eventual bull market return.