Bitcoin’s surge to $84,700 has triggered multiple confirmed technical buy signals that suggest the start of a new macro bull cycle. The breakout follows a 14-month accumulation period where:
- 200-week moving average held as support at 52K
- RSI divergence showed weakening sell pressure since January
- Wyck off accumulation pattern 58K
“These are the cleanest technicals we’ve seen since 2020,” said veteran trader Peter Brandt. The current setup shows:
✓ Ichimoku Cloud breakout on weekly chart (last seen before 300% 2023 rally)
✓ Bullish MACD crossover on monthly timeframe
✓ Volume profile confirming $80K as new support floor
Key Fibonacci extensions suggest:
- 89K ( all − time high breakout)
- 95K (1.618 extension of 2024 range)
- $120K (2.272 extension and institutional target)
Derivatives data reveals sophisticated positioning:
• Open interest up 58% to $42B (75% institutional)
• Put/Call ratio at 0.7 shows leveraged long bias
• Funding rates remain neutral at 0.008% (no excess leverage)
“Unlike 2021’s retail frenzy, this is a structurally sound rally,” noted Glassnode’s James Check.
