Bitcoin, the asset with the largest volume in the cryptocurrency market, is trying to rise again by getting a reaction from the short-term support after the loss of value it has experienced in recent days. However, in the technical charts, it is seen that the buyers have not yet gained a significant advantage and there has been no strong change in the basic trend. According to analysts who closely monitor price movements, certain resistance levels must be clearly overcome in order for a positive scenario on the BTC side to strengthen.
Short-term resistance and support levels in technical analysis
According to analyst Man of Bitcoin’s chart analysis, the rise in Bitcoin price in the short term resembles a three-wave structure, indicating that the movement does not yet indicate a permanent reversal. On the 30-minute price chart, BTC found support at $74,249 and rose to $76,934. However, the descending trend line located just above this recovery continues to pressure the price in the short term. Unless there is a clear close above this level, it seems difficult to reverse the direction of the market.
However, in the short term, Bitcoin needs to form a five-wave and strong impulsive bullish structure in order to confirm its rise. Otherwise, the risk that the recovery will remain a correction continues.
The first support that stands out in the downside risks is again the $74,249 region. If the price declines below this level, the broad band between $71,450 and $73,050 appears to be the next important support. On the other hand, on the upside, the $82,750 level is marked as the next major resistance on the charts. To reach this level, Bitcoin is expected to first settle on the descending trend line and break out of the previous narrow range.
Mini dictionary: Order block, in technical analysis, refers to the area where the price is concentrated in a certain area and buyers or sellers come into force strongly. These zones are monitored as important resistance or support points in future price movements.
While it is pointed out that Bitcoin’s path in the short term is not yet certain, a significant and voluminous break is expected for a strong trend reversal. It is stated that the current recovery may be mainly correctional.
The trend is weak on the daily chart, risks remain
In the analyzes shared on a daily basis, it was observed that Bitcoin recently approached the $ 83,000 level, collected the liquidity there and then lost power again. Analyst CryptoPatel evaluated BTC’s return to the downward channel after this rise as a sign of weakness. The price’s return from the resistance level, which stands out as the upper band of the ascending channel and the “bearish order block”, showed that the selling pressure was still effective.
On the longer-term outlook, the $97,900 level is marked as an important structural turning point. Daily closings above this level can be interpreted as a transition to a strong bull trend. However, the area above $83,000 constitutes the first major threshold. On the other hand, the region between $89,000 and $92,000 is also on the chart as the next supply area. It is thought that the upward movement will be difficult before the Bitcoin price reaches these levels.
| Level | Meaning |
|---|---|
| $74,249 | Short term support |
| $82,750 | Next major resistance |
| $97,900 | Confirmation of bull trend |
| $71,450-$73,050 | Lower band support zone |
| $89,000-92,000 | Last major supply area |
In particular, daily closes above $ 83,000 are sought for the continuation of the rise. Otherwise, if there is a downward break in the channel, there is a risk of a decline to the $59,809 structural level; Afterwards, the possibility of a decline to the $ 50,000 region technically remains on the agenda. In the analyst’s evaluation, it is stated that the current chart has not yet shown a clear upward break after the reaction received from the premium level, and the structure is most likely downward.
While analyst CryptoPatel clearly stated that he expected either the $ 85,000 level to be exceeded or the $ 60,000 region to be tested to make a decision, he underlined that these shares were for technical analysis and information purposes only.
In general, it stands out that short and medium-term technical levels are critical for Bitcoin, and certain resistances must be overcome for a strong recovery. Market watchers are expected to continue monitoring these areas.
