BTC continued its upward momentum in short-term charts on Thursday, climbing as high as $81,359. Analyst Man of Bitcoin, who shared the 4-hour BTC/USD chart, noted that the price is moving within an ascending channel, but that the short-term wave structure does not yet clearly point in either direction.
Support region mapped by Fibonacci
According to Man of Bitcoin’s analysis, the main support is set at $74,917. As long as the price remains above this level, there is potential for further upside before any significant retracement occurs.
The provided chart highlighted a prominent support area between $76,103 and $77,709. This zone was identified using Fibonacci retracement levels: 0.5 at $77,709, 0.618 at $77,042, and 0.786 at $76,103.
The analyst emphasized that before BTC can push further upward, the price may briefly pull back to test this support region. Even if a retracement unfolds, as long as BTC holds above $74,917, the overall bullish market structure stays intact.
Currently, BTC is trading above the main support zone, and a strong breakout to the upside is awaited. However, falling below $74,917 could put the bullish outlook at risk and raise the possibility of a deeper correction.
Potential upside targets
The clearly defined ascending channel analysis suggests that a move above the upper boundary would signal completion of a second-wave bottom. Should such a breakout occur, BTC may target $87,000 first, followed by a move towards $90,000.
According to latest data from CryptoAppsy, BTC is trading at $81,359. As the price nears the upper edge of the channel, optimism in the market is rising. Nonetheless, the $74,917 zone remains a critical line of defense in case of a sharp drop.
Bitcoin dominance growing stronger
Bitcoin’s share of the overall crypto market, as measured on the BTC.D chart, climbed to 61.21. Daan Crypto Trades, another notable analyst, observed that BTC dominance began the year at 59.55 and has since gained significant momentum.
In recent weeks, BTC has outperformed altcoins, leading to a decline in ALT/BTC pairs as Bitcoin’s market share continues to rise. The next resistance level for BTC dominance stands at 62.24, a zone that has previously triggered major reactions and could once again decide the market’s direction in the near term.
Meanwhile, Ethereum has been hovering near its February lows against BTC, adding pressure to the broader altcoin market. As ETH’s market share contracts, Bitcoin’s dominance intensifies. An upside break above 62.24 in BTC dominance could widen Bitcoin’s lead, while a failure at that level may offer altcoins a renewed chance to rally.
