Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Price Stalls Below $85,000 Psychological Level, Why A Drop To $74,000 Is Possible

Share This Post

Crypto analyst Saeed has outlined a bearish case for the Bitcoin price, predicting that it could still drop to as low as $74,000. The analyst highlighted the $85,000 psychological level as being key to whether BTC drops to this target or witnesses another breakout to new highs. 

Bitcoin Price Risks Drop To $74,000 If This Happens

In a TradingView post, Saeed mentioned a drop to $74,000 as his bearish scenario for the Bitcoin price. He explained that if price fails to break out and instead drops below $80,000, a correction would unfold toward $76,500 or even $74,000, which would present a re-entry opportunity for long-term bulls

The analyst also noted that the Bitcoin price is currently consolidating just below the psychological $85,000 level after a historical bull run which pushed it to new all-time highs (ATHs). Despite the recent downtrend, Saeed is optimistic that the bull run is still on. He stated that the market is cooling off and not crashing, with price action forming a high-tight flag, often a continuation signal after an uptrend. 

However, the bearish scenario still stands with a potential drop to $74,000. Saeed remarked that with momentum slowing and volatility compressing, traders must prepare for a major breakout and breakdown in the coming days. He affirmed that the potential drop to this target is still healthy in the broader trend. 

Bitcoin

Analyzing the trend structure, the crypto analyst also confirmed that the Bitcoin price remains in a strong bullish trend. He noted that since the breakout above $69,000, the previous ATH from 2021, the rally has been aggressive and directional, overwhelming the BTC bears in the process. 

Saeed further remarked that the Bitcoin price has formed a series of higher highs and higher lows, respecting a steep ascending trendline since early February. However, BTC is now coiling near the highs, forming a tight range between $80,000 and $83,500. 

Bullish Scenario For BTC

Saeed also outlined a bullish scenario for the Bitcoin price. He stated that a breakout and daily close above $85,000 would confirm the continuation pattern, targeting $88,000 first and then $90,000. The analyst added that volume and candle structure will be key to confirming the move. 

Meanwhile, the crypto analyst highlighted key resistance and support zones to watch out for. He stated that the range between $83,000 and $85,000 is the immediate resistance as this area has repeatedly capped prices in recent sessions. As such, a daily close above this zone could trigger the next leg higher. 

$88,000 is another resistance zone, although that is the short-term if BTC were to rally higher. Saeed mentioned the range between $90,000 and $92,000 as the third resistance zone to watch out for. He stated that this range is a psychological milestone and a possible magnet for the Bitcoin price if bulls break out cleanly. 

Saeed mentioned $80,000, $76,500, and the range between $72,000 and $74,000 as the key support zones to watch out for. He remarked that the range between $72,000 and $74,000 is the major support and ideal retest level if the Bitcoin price corrects, as this is the level where many sidelined bulls are likely waiting to buy in. 

At the time of writing, the Bitcoin price is trading at around $80,500, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

Bitcoin

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Price Continuation Shows Rebound, But Resistance Is Mounting At $0.205

The Dogecoin price appears to be on a continued rebound, with bulls regaining some control over the market after weeks of sideways trading and downward pressure However, the momentum is being tested

Dogecoin Price Analysis and Forecast: Here are Key Targets to Consider in May

The post Dogecoin Price Analysis and Forecast: Here are Key Targets to Consider in May appeared first on Coinpedia Fintech News Dogecoin price has recorded a high correlation with Bitcoin, which is

Oxbow Lifts Deposit Limits on Privacy Pools, Opens Doors to Institutional Users

Oxbow, a decentralized finance (DeFi) platform balancing privacy and compliance, has removed deposit limits on its Privacy Pools tool, enabling unrestricted Ethereum transactions while screening

Crypto Analyst Says Dogecoin Price Breakout Is Programmed, Here’s Why

Dogecoin has spent the past few weeks oscillating in a tight range, with prices hesitating around the $017 level and facing consistent pressure near the $0185 resistance zone Despite several attempts

Cathie Wood predicts AI and Bitcoin to drive new phase of US economic growth

Ark Invest CEO Cathie Wood said the US economy is transitioning out of a prolonged “rolling recession” and entering a new era of productivity-led growth, powered by advances in AI,

Sovereigns Are Buying Billions Of Bitcoin, Says Anthony Scaramucci

Bitcoin blasted back through the psychologically charged $100,000 threshold for only the second time in its 16-year history, reclaiming a level last seen in February As the world’s first stateless