Bitcoin, Ethereum Confirm 'Cyclical Bottom' but $83,000 Is the Key Level, Says Technical Analyst

$83,000 is the last level standing between Bitcoin and a confirmed new bull market, according to widely-followed cryptocurrency technical analyst Nik.What the Bitcoin Weekly Chart ShowsNik wrote in his 90th Market Outlook on Substack that Bitcoin’s 20% weekly surge off the 200-week moving average at $64,500 was one of the most decisive technical breaks of this cycle.Weekly RSI broke firmly above 50 for the first time since last year, but weekly structure remains technically bearish until Bitcoin posts a weekly close above the May highs near $83,000.That level also coincides with the anchored volume-weighted average price (VWAP) from all-time highs and the 365-day rolling VWAP, both of which have capped price throughout the entire bear market.“All good things happen above the anchored VWAP from ATH,” Nik wrote. Above $83,000, he targets the yearly open at $89,000 as the next meaningful stop.He views the $70,000 to $74,000 range as the most likely area for a higher-low to form if Bitcoin pulls back before clearing $83,000, and expects that zone to be front-run given how many traders are waiting for a clean entry.Why Ethereum’s Weekly Close Confirmed the Trend ShiftNik called Ethereum‘s weekly candle even more significant, with price rallying from $1,827 support to close just below the 200-week moving average at $2,463 — its highest weekly close since May.Weekly momentum broke out on the timeframe, which he called confirmation of a cyclical bottom and a shift into a clear dip-buying environment.A weekly close above the 200-week moving average opens a retest of the $2,700 to $3,000 resistance cluster, where the anchored VWAP from all-time highs, the 365-day rolling VWAP, and the yearly open all converge.Above that zone, Nik targets $4,400 as multi-year resistance.Why Silver Matters for the Broader Picture?Nik flagged Silver as ripping higher, up over 20% in a few weeks off the anchored VWAP and prior support at $55.Silver now sits just below the most significant resistance cluster on its chart near $73, including the yearly open, 365-day VWAP, and anchored VWAP from all-time highs.A break and close above $73 shifts Silver into a sustained buy-the-dip regime, while a rejection there could offer a short opportunity back toward $60 for a higher-low formation.Key levels to watch this week:BTC — $83,000, weekly close above confirms new bull marketETH — $2,700, first resistance cluster aboveSilver — $73, breakout or rejection levelPhoto via Shutterstock