Bitcoin Price Today April 20, 2026: Holding $74K Support – Path to $80K Still Open?

Source: TradingView

Sometimes it’s best to keep things very simple in technical analysis. Otherwise, what is staring us in the face can get lost in the noise. What we can see in the weekly chart above is a breakout of the downtrend. We still need to witness a confirmation of the breakout, and this would happen if the current weekly candle stays above the trendline.

The next thing to take into consideration in a bullish context is the wonderfully accurate Fibonacci level. The deepest retracement Fibonacci level is the 0.786, and it can be seen that the weekly candles have all stayed above this level, even if the odd candle wick goes below. So we see that the huge rally that rose to the $126,000 all-time high from the bottom of a candle wick in the 8-month bull flag of 2024, has retraced to the exact lowest level of the Fibonacci.

Finally, if we look at the RSI at the bottom of the chart, we can see that there is a strong breakout of the descending trendline. If this too is confirmed above at the end of this week, it would appear that this could be the start of the next big rally to the upside.

There is the possibility that there could still be an extended period of sideways price action rather than a strong upside surge, but if the bulls manage a decent outcome at the end of this week, the trend back to the upside could start to take shape.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.