Bitcoin logged its first weekly close above $80,000 since late January, settling at $82,210 on Sunday, May 10. The move flipped a key supply zone between $78,000 and $80,000, which had acted as a bearish order block since early this year. As of Friday morning, BTC was changing hands at $80,870, giving back some of the weekly gains but holding above the newly-tested support.
The flip zone
For weeks, the $78,000–$80,000 area had been a place where sellers piled in, capping any rally. Sunday's close above it changes the technical picture. A clean hold above $78,000 would turn that former supply zone into support — a bullish signal for the medium term. The next resistance sits around $82,000, and if Bitcoin can break that cleanly, traders are eyeing a run toward $90,000, which itself is another bearish order block that could slow things down again.
One analyst's contrarian call
Not everyone is convinced the worst is over. Analyst Crypto Patel said there's a high probability Bitcoin revisits the $60,000 zone before any real continuation higher. That would mean a roughly 25% drop from current levels — a move that would wipe out the recent gains and test the patience of anyone who bought the breakout. Patel didn't give a timeline, but the warning adds a dose of caution to the otherwise encouraging price action.
On a higher time frame, a weekly close above $97,900 would break the lower-high structure that's been in place since January. That's a long way from here, but if Bitcoin can grind toward $90,000 and then clear that level, the $97,900 mark becomes the next major target. Until then, the market is watching whether the $78,000 support holds and whether the $82,000 resistance turns into a springboard or a ceiling.
