Bitcoin’s price is currently sitting at $84,530 after a 0.3% decrease in the past 24 hours. In fact, some market analysts believe Bitcoin is getting ready for its next major price move in the upcoming weeks. By January 2025 the cryptocurrency had climbed to an unprecedented peak of $108,786. Ever since then it has met a steady demise in the following months.
Even after the recent crash, Bitcoin is still over 1% up on the weekly timeframe. As per market observers, the next big move for Bitcoin now depends on how it reacts to support and resistance at $83,000 and $86,000. The current price of BTC on the daily timeframe can be found on TradingView under the BTCUSDT chart.
Key Price Levels to Watch
The Bitcoin price is currently trapped in a consolidation phase. Much of the past week, it has hovered around the $83,000-$86,000 range. This extremely tight range is indicative of a market trapped in a period of indecision. Neither buyers nor sellers can hope to receive a distinct “edge.”
According to crypto pundit Ali Martinez, a breakout above $86,000 could trigger a Bitcoin bull run. This major price development has the potential to lay the foundation for massive expansion. On the downside, a drop beneath $83,000 could trigger deeper declines for the top crypto.
Analyst Insights
Opeyemi Sule is a journalist at Bitcoinist, but an incurable crypto-bull. He believes this is an important turning point for Bitcoin price. Sule, CEPF™ professional content writer, discusses the importance of keeping an eye on these major price levels. It’s important to track them because they represent the market’s direction.
This latest range of consolidation hints that the market is sitting on the sidelines, waiting for a big catalyst that will set in motion the next major directional move. This might be due to catalysts like regulatory news, macroeconomic data releases, or institutional investment moves.
Market Outlook
The next few days to weeks will be key in deciding Bitcoin’s short-term direction. At this point, we need a strong break above the $83k-$86k range to signal a new clear upward trend.
Proactive traders and investors need to keep a very close eye on these levels and make tactical moves based on them. No one knows if Bitcoin will ultimately move up or down. Still, while big moves may be few and far between, one is clearly on the horizon.
