The pullback in Bitcoin, the leading cryptocurrency, following its rise above $87,000, has reignited discussions about critical support levels in the market. At this point, analysts generally
The pullback in Bitcoin, the leading cryptocurrency, following its rise above $87,000, has reignited discussions about critical support levels in the market.
At this point, analysts generally point to the $82,000 level as a key factor for Bitcoin’s short-term direction.
After rising above $87,000, Bitcoin retreated and tested the $82,000-$83,000 region. This area corresponds to the level that halted Bitcoin’s rise in May, subsequently causing the price to fall to around $57,000 in June.
While Bitcoin continues to trade near this level, some analysts are closely monitoring a bearish scenario, predicting it could begin with a drop below $82,000.
Speaking to CoinDesk, Jeff Anderson, President of STS Digital USA, stated that the most critical level to watch for Bitcoin is $82,000. Anderson noted that price movement at this level forms a “double top” pattern on the chart.
According to Anderson, a break below the $82,000 level could see Bitcoin fall towards the highs of $70,000. However, Anderson added that such a move would not necessarily mean the end of the uptrend.
Anderson also noted that the recent weakness in Bitcoin stems more from movements in the bond market than the cryptocurrency market itself. According to him, upward movement in bond yields is putting pressure on risky assets.
While Anderson points to the $82,000 level, Bitget Wallet research analyst Lacie Zhang states that she considers the region between $81,500 and $83,000 to be critical.
Speaking to Coindesk, Zhang stated that Bitcoin’s ability to hold this space could support the current market structure, but a break below $82,000, coupled with increased ETF outflows and a continued rise in 10-year US Treasury yields, could increase the risk of a deeper correction.
Finally, Nexo Dispatch analyst Iliya Kalchev lowered his expectation line slightly, pointing to $80,000. The analyst stated that a break below $80,000 would indicate that Bitcoin is not ready for a short-term uptrend. However, according to the analyst, a rise above current levels could push BTC above $90,000.
*This is not investment advice.
Continue Reading: The Only Level Bitcoin Bulls Need to Protect Has Been Revealed! Analysts Explain and Share What Could Happen If This Level Isn’t Protected!
