Bitcoin Breaks $73K: Traders Prepare for $80K Jump

Bitcoin Breaks Through $73.000: Traders Focus on Potential Rise to $80.000

11 April 2026 at 13: 30

Reading time: 3 minutes

Bitcoin has continued its upward trend with the opening of Wall Street on Friday, where the value rose above $73.000. Traders' focus is now shifting to a potential rise towards $80.000 by the end of this month, supported by various indicators suggesting that the bulls (risers) are regaining control of the crypto market.

On Tuesday, Bitcoin invalidated a bearish pennant on the daily chart. The BTC/USD pair broke through the pennant's upper trend line at $70.000, rising by as much as 7% to a six-week high of $73.300 on Friday. This breakout was accompanied by a significant increase in trading volume, indicating stronger conviction behind this rally.

The price also reclaimed several key support lines, including the 200-week Exponential Moving Average (EMA), the 20-day EMA, and the 50-day EMA at $68.350, $69.520, and $70.580, respectively. This development has increased the likelihood of a symmetrical triangular bullish reversal pattern. A symmetrical triangle forms when the price makes lower peaks and higher troughs, converging in a contracting range. The breakout occurs when the price breaks through one of the trend lines and moves to a high equal to the maximum height of the pattern.

In the case of Bitcoin, the measured movement above the upper trend line points towards a target price of $87.000, approximately 20% above the current value. The bullish divergence of the Relative Strength Index (RSI) suggests that the positive momentum has gradually built up over the past two months and the upward potential of BTC reinforced. The next obstacle for Bitcoin lies at the 100-day EMA, around $75.400.

Data from TradingView shows that Bitcoin has spent more than six weeks in a consolidation phase between $60.000 and $70.000, with multiple failed attempts to remain stable above $72.000. Glassnode's risk indicator reveals significant resistance between the true market average at $78.000 and the cost basis level for short-term holders around $80.000. This is a crucial threshold; any rally in this zone will likely face significant distributional pressure from recent buyers looking to exit at or near their break-even point.

The chart confirms the idea that any recovery attempt may be hampered near the true market average and the realized price of short-term holders, as we saw in 2023. Glassnode's Entity-Adjusted UTXO Realized Price Distribution (URPD), which shows at what prices the current set of BTC UTXOs was created, also reveals that the BTC price is in a relatively open zone between $72.000 and $82.000, where there is less resistance. This implies that BTC can move more freely within this range in the short term if momentum persists, with upside potential limited to $82.000-$85.000, the level where investors have acquired more than 1,3 million BTC.

At the same time, the BTC cost basis distribution heatmap shows pronounced accumulation between $78.000 and $84.000, pointing to a potential short-term route to this level.

Polymarket, a crypto-based prediction market where users trade contracts on real-world outcomes, shows a clear bullish shift for Bitcoin in April. Traders now assign a 26% chance that BTC/USD will reach $80.000 this month, a 5% increase over the past 24 hours. The $75.000 target enjoys even stronger conviction, with as much as 76%.

At the same time, the odds of Bitcoin reaching $65.000 are priced lower than before, suggesting that the market is adjusting its downward expectations.

Frequently Asked Questions

How significant is the breakout above $70.000 for Bitcoin?
The breakout above $70.000 is a key indication of renewed investor interest and could lead to an accelerated price increase, especially with supporting trading volumes.

What do the resistance levels mean for Bitcoin's future price?
The resistance levels around $78.000 and $80.000 suggest that there may be significant selling pressure, which increases the likelihood of flat price action or a temporary pullback as these levels approach.

What role does on-chain analytics play in the price development of Bitcoin?
On-chain analytics offer insight into holder behavior and can provide insights into emerging price patterns and resistance levels, crucial for investment decisions.

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