Legendary technical analyst John Bollinger has turned bullish on Bitcoin after the flagship cryptocurrency reclaimed the $80,000 level. The creator of the widely-followed Bollinger Bands indicator took to X (formerly Twitter) to announce that his trend model for Bitcoin has flipped positive. Acting on this signal, Bollinger confirmed that his fund’s Tactica program has initiated a new position and is now fully invested in BTC.
Bollinger’s vote of confidence carries weight given his strong track record of accurate predictions in the past. His latest call suggests the recent price action may not be a mere dead-cat bounce after all. It seems the market dynamics have shifted in favor of the bulls, at least for now.
Bitcoin’s Relentless Rally
Bitcoin has staged a truly relentless ascent since the beginning of May. The asset carved out a sequence of higher highs and higher lows, characterized by strong impulsive green candles on the daily charts. Earlier today, it peaked around $82,400, reaching a multi-month high that caught many traders off guard.
According to data from Santiment, Bitcoin’s climb back toward $82,800 still leaves the asset with a year-to-date return of negative 6%. The firm notes that Bitcoin needs to reach $88,000 just to break even for 2026. This level will likely act as a major psychological stepping stone for the crypto market. Many traders are watching this price point closely as it could determine the next directional move.
Critical Resistance Ahead
While bulls are firmly in control as Bitcoin pushes beyond $80,000, driven largely by building ETF demand, caution is warranted. Crypto analytics firm Glassnode warns that the asset is fast approaching a critical ceiling near the $85,000 resistance zone. There is significant overhead supply waiting at these higher levels. Investors who bought near the previous all-time highs may look to offload their bags as they break even.
This supply overhang could potentially cap any future upside, according to Glassnode. For Bitcoin to sustain its upward momentum, there should be a significantly stronger follow-through in buying pressure to absorb this selling. Without it, the rally might stall or even reverse in the coming days.
At the time of writing, Bitcoin is trading around $81,500, consolidating after its recent surge. The coming sessions will be crucial to see if bulls can push through the $85,000 resistance or if sellers step in to defend their positions.
