Bitcoin has climbed above $80,000 for the first time in three months, with $85,000 emerging as the next key price level.

BeInCrypto, a blockchain media outlet, said on May 5 that bitcoin recorded a daily close above $80,000 for the first time since Jan. 31.

On a daily-chart basis, the trend tilts bullish. Bitcoin rebounded near $75,000, which had acted as resistance throughout February and March, then rose with support from the 20-day moving average. It also broke above a descending trendline that had continued from the April 13 peak. The relative strength index (RSI) rose to just below the overbought threshold, but there was no bearish divergence on the daily chart, and the moving average convergence divergence (MACD) turned to a bullish crossover.

The first resistance level watched by the market in this zone is $85,000, the 0.382 Fibonacci retracement level. If bitcoin clearly breaks above this level, the next target zone was presented as $100,900, the 0.618 retracement level.

Market fund flows were also cited as supporting expectations for further gains. Analyst Michael van de Poppe presented a BTC·USDT daily chart and pointed to renewed inflows of institutional demand. He mentioned that spot bitcoin exchange-traded funds (ETFs) saw $600 million in net inflows on the first trading day of May, and that this trend continued throughout April.

Michael van de Poppe assessed the recent pullback as buying quickly absorbing declines. He said, "Bitcoin's correction is continuing strongly," and identified $79,000 as a key level. He added that if a breakout is confirmed, additional upside momentum would build, with the first resistance zone at $86,000 to $88,000 and a more important zone at $92,000 to $94,000.

Still, short-term charts left room for increased volatility. On the four-hour chart, the RSI entered overbought territory and the MACD showed upward momentum. Trading volume has been declining in the recent rally, making it difficult to say a strong trend has been fully confirmed.

Technically, a parallel ascending channel that has continued since March 26 is a variable. Bitcoin broke below the lower boundary of this channel on April 27, and the current rebound was interpreted as retesting the broken channel from below. If prices fall back from this zone, bitcoin could retrace to $75,000. That level is a support line where the 0.236 Fibonacci retracement and a rising 50-day moving average overlap.

If $75,000 breaks, the current medium-term bullish scenario could be damaged. Conversely, if the price moves back into the broken channel on a four-hour candlestick basis, the short-term bearish signal would be invalidated and the market's focus could shift again to $85,000.

This move is significant in that the daily and four-hour charts are sending different signals. Expectations for a trend reversal have increased on higher time frames, but in the short term a renewed push toward $85,000 and defense of $75,000 are being tested at the same time.