Bitcoin Eyes 85K as Analyst Maps Short Positions

• Analyst targets $83K–$85.5K for short positions, expecting upside before potential reversal near key resistance levels.
• BTC trades within range, with resistance near $80K and support around $74K–$77K shaping short-term direction.
• FOMC meeting adds uncertainty, with policy expectations steady but leadership changes influencing market sentiment.

Bitcoin is approaching a critical price zone as analyst Doctor Profit outlined new short positions between $83,000 and $85,500, while markets prepare for the April 29 FOMC meeting. The outlook follows recent price recovery toward resistance levels. The setup combines technical signals, trader positioning, and macro timing into a closely watched market phase.

Analyst Adjusts Short Strategy

According to Doctor Profit, the $79,000 to $84,000 range is a key short area. However, he shifted most short orders higher, placing over 90% between $83,000 and $85,500. 

He said this adjustment reflects expectations of further upside before a reversal. He added that profits from a $71,000 long position will be taken within that range. 

At the same time, he plans to increase exposure to an existing $120,000 short position. He noted that price could also approach $87,700, which sits near a key reference level.

Price Structure Faces Resistance

Meanwhile, Bitcoin continues to trade below major resistance. Immediate resistance stands at $78,500, while the main breakout zone lies between $79,500 and $80,000. A move above this area could push price beyond $82,000.

However, support holds near $76,000 to $77,000, with stronger backing around $74,000. If price fails to hold above these levels, a deeper retracement may follow. This structure keeps the market within a defined range.

Momentum indicators show mixed signals. The RSI is at 48.85, below its average of 54.25, indicating weakening strength. The MACD remains slightly bullish, though the narrowing histogram suggests fading momentum.

FOMC Meeting Adds Market Focus

Attention now shifts to the April 29 FOMC meeting. According to calendar data, markets expect no rate changes during the session. However, the event carries added weight as Jerome Powell approaches the end of his term.

Kevin Warsh is widely expected to take over as chair in June. Some market participants expect a more dovish stance under his leadership. Despite that, expectations for immediate policy changes remain limited.

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