Bitcoin At A Crossroads: Two Key Levels Will Define BTC’s Next Major Move, Analyst Says
As Bitcoin (BTC) recovers from its recent drop below the $75,000 support, some market observers outline the key levels that will define the direction of the flagship crypto’s next major move. 5% amid geopolitical tensions, reaching a one-month low of $74,289 before recovering. 6%, jumping back above $77,000.
” Notably, BTC is near the upper boundary of its channel following a recent rejection at the crucial $82,500 resistance. 4%, the highest level in over two months. He previously explained that when funding rates climb this high, it signals that the derivatives market is “completely dominated by aggressive buyers,” and “traders are willing to pay a hefty premium just to maintain their long positions” as the predominant market bias remains significantly tilted toward an upcoming expansion.
42 billion. “This supply consolidation has placed BTC between resistance at $78,258 and support at $75,733,” he stated. Therefore, reclaiming this resistance could trigger a rally to $84,569, while losing the key support could send Bitcoin to $66,898.
More Pain To Come? Other market observers also highlighted the $75,000 and $78,000 as the crucial levels in the short and mid-term. Daan Crypto trades emphasized that the Bitcoin bull market support band is currently between these levels.
” Meanwhile, Merlijn The Trader noted that Bitcoin has been rejected from the 200-Day Moving Average (MA). According to the post, this is the same level that capped the 2022 bull trap, which led to a 40% correction from that area. Like the other analysts, he affirmed that losing the $75,000–76,000 zone would accelerate the move to new lows, with an initial target of $67,000, where a CME Gap is located.
He also pointed out that BTC’s tops tend to end the same way: three bumps on the 21-week SMA followed by the market lows Related Reading: HYPE Rally Accelerates Above $60 As High-Profile Whale Quietly Builds His Position The trader observed that after reaching its $69,000 cycle peak in 2021, Bitcoin retested the 21-week SMA on three occasions during its correction before reaching its bear market bottom.
This time, BTC has retested this key indicator twice, suggesting that another drop to the “real bottom,” near $50,000, could follow in the coming months, if history repeats. com
