- Analyst says current Bitcoin move is a relief rally, not a true bull market.
- Key support levels to watch are $65,900, $63,000, and $59,000.
- Resistance at $92,000–$98,000 must break to confirm a new bull cycle.
The mood in the crypto market is shifting. Bitcoin is rising, sentiment is improving, and traders are again talking about new highs. However, analyst Virtual Bacon is urging caution.
Crypto analyst, Virtual Bacon argues that the current move looks more like a relief rally within a broader bearish trend, not the start of a new bull run. He stressed that understanding this difference is important, especially when managing risk in volatile conditions.
The Three Numbers That Matter Right Now
Cut through the noise, and the analyst says these are the only levels worth watching:
The analyst says three key levels matter for Bitcoin. First, $65,900 must hold to keep the short-term uptrend intact. If the price falls below this level, the recent recovery could weaken quickly.
The next support sits near $63,000, and losing it would signal stronger downside pressure. If selling continues, Bitcoin could drop toward $59,000, which aligns with the 200-week moving average and has acted as a major support in past cycles.
A Daily Uptrend Is Not a Bull Market
Bitcoin has been making higher highs and higher lows since early February, which looks and feels bullish. Technically, it is a daily uptrend, but the bull market threshold sits in an entirely different zip code.
To genuinely confirm a new bull market, Bitcoin needs to clear a stubborn resistance zone between $92,000 and $98,000, which includes the 200-day SMA, the 50-week SMA, and a key structural high. That range is not close.
- Next short-term test: $75,000 resistance
- Bull market confirmation: $92,000 to $98,000
- Bear market worst case: $58,000 to $59,000
In conclusion, the analyst said that, “We are in a daily uptrend, which means we will continue to have relief. But it doesn’t mean it’s a bull run.”
Until Bitcoin clears $92,000 convincingly, every bounce is a relief rally inside a larger downtrend.
Related: Crypto Market Rallies as Trump Announces 5-Day Pauses on Iran Strikes
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Source: https://coinedition.com/bitcoin-rally-is-not-a-bull-run-yet-analyst-warns/
