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Bitcoin, the pioneer cryptocurrency, jumped roughly 6% over the past week, pushing into the key $79K resistance zone. Crypto trader Michael van de Poppe said that as long as the $75,000 support holds, Bitcoin could still move higher toward $85,000–$88,000 over the next one to two weeks.
Over the past weeks, Bitcoin has shown relatively healthy price behavior despite a small pullback after testing the $79,468 level.
Van de Poppe’s analysis suggests the $79,468 area is crowded with sell orders and short positions built up over weeks. He said Bitcoin may pause or dip slightly before attempting another breakout, potentially gathering strength first.
He outlined a three-step path that could precede a stronger move: first, Bitcoin tests the $79K resistance wall; second, it pulls back slightly to gather momentum; third, it finds fresh buying strength and pushes through, targeting $86,000 with more force behind the move.
Van de Poppe added that the pullback is “not weakness,” but rather the market doing what it needs to do before a larger move.
Market indicators also point to a potential short squeeze. CoinGlass data shows Bitcoin’s funding rate is slightly negative at -0.0092%, while open interest has increased to $60.54 billion.
This combination suggests more traders are positioned for a decline, but Bitcoin is still holding steady. In such scenarios, short sellers can be forced to close positions at the same time, which may accelerate upward price action.
Not all analysts are purely bullish. Crypto analyst Ted Pillow highlighted several support levels on the downside.
Separately, van de Poppe flagged that a failure to reclaim $77,350 in the near term would be an early warning sign that Bitcoin may need more time before its next push higher.
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