Bitcoin is approaching a key technical stage and the price movement is heading towards a level that could determine the next trend. Recent data shows this asset approaching a multi-month resistance trendline, with market attention increasingly focused on the 200-day moving average in the $83,000 to $84,000 range.
This level is being watched as a more reliable confirmatory indicator than the trendline itself, especially after April delivered a better-than-expected performance despite previous predictions of continued decline.
On the daily chart, Bitcoin continues to test the upper bound of the descending structure that has formed since the previous high. While a break above this trend line would be an early step, crypto analyst Dan Gambardello argues that a longer-term move above the 200-day moving average would carry more weight in confirming a broader reversal.
Bitcoin is close to a macro breakout.
However, the trend line is not at a significant level.
It’s 200 days.
See $83-84,000. There the bull gets confirmation.
The same story applies to altcoins such as ETH, SUI, and ADA. pic.twitter.com/0LOryGL5LZ
— Dan Gambardello (@dangambardello) May 4, 2026
At the same time, Bitcoin remains above its short-term moving averages, including the 20-day and 50-day levels. This change corresponds to a stronger short-term structure, but resistance remains in place at higher levels.
If the asset fails to break out, the price could reverse towards the center of the channel and support could form around $73,000-$74,000, where the 50-day moving average coincides with the previous consolidation zone.
Ethereum tracks similar pattern with upcoming key resistance
Ethereum is exhibiting a tightly coupled structure, forming a series of lows while pushing towards the resistance trend line. The next upside level is around $3,400, but this target is dependent on confirmation of a breakout of the current resistance.
Momentum has strengthened compared to earlier stages, especially as Ethereum maintains support across short-term moving averages. However, confirmation of broader changes still relies on higher-level time frames.
On the weekly chart highlighted by Dan Gambardello, the asset is currently testing its 20-week moving average around $2,300-$2,400, a level that has historically distinguished a bearish situation from a stronger uptrend. The structure will remain transient until this level is restored with a consistent closing price.
Altcoins remain compressed as key level approaches
Across the altcoin market, ongoing consolidation continues to define price trends, with compression seen across multiple assets including Cardano and Sui. For Sui, immediate resistance is near $1, with high levels at the 20-week moving average near $1.09 to $1.10.
Similarly, Cardano is approaching its own resistance zone, with $0.26 acting as a short-term threshold and $0.29 marking the 20-week moving average. These levels are being tracked as possible confirmation points rather than early breakout signals.
Related: Bitcoin eyes $90,000 in May as recovery stays above major support
