Bitcoin rises 25% in 5 days to crucial resistance level

Bitcoin has risen 25% in five days to around $75.700, but is now positioned right at a zone where multiple technical resistance levels converge. Analyst Quinten François points out that the price is simultaneously testing the former weekly support level, the so-called True Market Mean, and a declining RSI trendline of two and a half years. In his view, this makes the current moment decisive for the direction ahead.

Bitcoin is available at OKX and Bybit.

In brief:

• Bitcoin rose 25% in five days and now stands at $77.844, but is hitting multiple resistance levels around $75.700.
• Analyst Quinten François sees this as a decisive moment: either the rally stops here, or bulls prove their strength.
• Historical examples show that significant rallies also occur in bear markets, often followed by a fresh decline.

Three resistance levels in view at once

Anyone looking at the chart François shares can see that the current price is arriving precisely at the former weekly support level, which now acts as resistance. That level coincides with the True Market Mean of around $75.700, an average based on the actual market value of all Bitcoin in circulation.

On top of that, the weekly RSI, a measure of the strength of a price movement, is testing a declining trendline that has remained intact for two and a half years. As Glassnode previously indicated, a local rally is not yet evidence of a genuine trend reversal. As long as the RSI does not break through this resistance, the technical analysis points more towards a temporary recovery than a new upward trend.

Historical pattern: rallies also occur in bear markets

A rise of more than 10% during a declining market is no exception. In April 2018, Bitcoin rose 17% and then fell another 60% to the bottom. In February 2022, a 10.5% recovery was followed by a further decline of 63%. Between June and July 2022, the price even rose 40%, after which Bitcoin still gave up 37%.

These historical examples make clear that a strong price rise in a declining market says little in itself about the direction ahead. The current rise of 25% in five days fits within that pattern.

The weekly close has not yet happened, and it is being closely watched by market observers. If Bitcoin closes above the resistance zone, that could be a signal that bulls are truly taking the upper hand. If the price closes below it, the chance grows that this recovery was merely a breather within a broader downward movement.