1036 ET - Bitcoin has gained nearly 25% this week, but may have finally encountered a price point that's too high in the short-term at $80,000. Bitcoin spiked at $79,258 overnight, and has since retreated to around $77,000. It's a new near-term resistance level, serving as both a psychological and technical resistance point, says Lacie Zhang of Bitget Wallet. "A clean daily or weekly close above $80,000 would likely shift attention to the $82,000 to $84,000 supply area next," says Zhang. If bitcoin retreats back toward $70,000, that "would suggest this was more of a fast positioning squeeze than the start of a durable new leg." Bitcoin is up 5.5% to $76,685, according to LSEG data.