Bitcoin (CRYPTO: BTC) slipped to $76,600 over the weekend as traders await a breakout above $83,000 or another pullback in light of this week’s CLARITY Act procedural vote and FOMC meeting.
Why Is $83,000 the Key Hurdle?
Doctor Profit remained bullish on Bitcoin’s broader recovery in his "Big Sunday Report" but cautioned that it is yet to reclaim the 50-week moving average for confirming the next leg higher.
"I am not going to call a breakout confirmed while the resistance is still standing," the analyst said.
The trader compared Bitcoin’s current structure with its early-2023 recovery, when BTC made several attempts to clear its 50-week MA before eventually breaking higher.
