Bitcoin is nearing an important milestone as it nears $80,000 and waits for a weekly close. If the bulls finish the day in the positive, it will validate the formation of a new bull trend and it would be a sign of change from the lower-high market pattern that has been in place since October.

Solana and Ethereum are already gaining some traction. Both Solana and Ethereum have been forming bull market trends as they break key resistance levels and have tumbled above $100 and $2,700 respectively with potential bull market targets in sight.

The overall mood of the market is shifting, too. Gold is in a bull trend, and as institutional investors begin to consider Bitcoin a scarce and decentralized monetary asset, it looks like it might be all but over with Bitcoin's status as a high-risk speculative investment. Meanwhile, market infrastructure is improving and the leverage is more obvious, which will make the current cryptocurrency market more robust than the past.

Additionally, new proposals by the SEC might provide greater capital access opportunities for regulated cryptocurrency projects to raise funds in the U.S., which could foster innovation and provide more legitimacy around token sales.

The resistance at the key level is currently Bitcoin's $80,000 price level. If Bitcoin successfully makes the bull run on the weekly chart and gets above the price level, the market may experience a more significant upward jump and other bull markets may start to pull some of the bull run altcoins like Solana, Ethereum and more into the running.