What to know:
- BTC continues holding higher lows above the key $72.4K support zone while trading near $81K.
- MACD indicators remain positive despite slowing momentum around the current $81K price range.
- Analysts identify $82.5K as a critical resistance zone for the next BTC breakout attempt.
Bitcoin price has been moving sideways for some time now, and traders continue to monitor various market momentum and resistance levels as they await confirmation of a possible breakout in the Bitcoin price structure. At press time, the coin is trading at approximately $81,000 with an increase of around 2% over the past 24 hours.
Bitcoin Price Holds Long-Term Uptrend Support
According to TradingView’s chart, Bitcoin is showing upward momentum following the completion of its pullback; however, it still remains well within the confines of its existing long-term uptrend channel ($72,400).
The price level of $82,500 represents a major new Resistance Zone (price level at which significant prior Selling Volume occurred). The price has not yet broken through this zone; therefore, bullish momentum, as represented by the MACD, may remain positive unless the price clearly breaks below support levels.
The overall view is therefore one of continued consolidation with only mild bullish structure compared to the stronger bullish momentum seen during all prior breakouts.
Also Read: Bitcoin Supply Shift Analysis Shows 78.3% BTC Held by Long-Term Wallets
Bitcoin Price Faces Key Resistance Near $82.5K
Crypto analyst Ali Charts has noted that the 200 Day SMA near $82,500 continues acting as an important historical Resistance Level and a major high-volume trading area for this potential breakout.
If the prices could break out of this range, there could be a target price level of ~$94,000 established, assuming that there is sufficient bullish price momentum to reach this level.
Alternatively, if BTC does not clearly break through the resistance level previously mentioned, then there is a strong possibility that the price will move back down, re-testing the 50 Day SMA (~$75,000).
The scenario aligns closely with Bitcoin’s current consolidation structure as depicted from the TradingView chart.
In conclusion, Bitcoin price is still trading in a very important technical range and is being supported at higher levels by buyers. Yet, due to its extreme volatility, the crypto market can change direction quickly based on momentum and other market conditions affecting overall Bitcoin price action.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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