Bitcoin has managed to stay above an important support level in recent days and continued to maintain its upward movement potential. While transactions continue in a narrow range under a critical resistance in the short term, the price remaining above this level supports the validity of the current bullish scenario.
Critical support levels and bullish scenario
On the 4-hour Bitcoin charts, the price is moving in the upper parts of the ascending channel after the rise starting from the bottom point in April. Although Bitcoin has retreated slightly from the local peak reached last week, it remains above the main support point at $74,917. According to analysts, this price level stands out as the main invalidation point of the current bullish structure.
“As long as Bitcoin remains above $74,917, the ‘orange road map’ is valid; this level should be followed as key support that will invalidate the current bullish scenario,” Man of Bitcoin said in his post.
The charts also revealed important resistances that Bitcoin may face in possible rises. The first major resistance lies at $81,960. Further up, Fibonacci retracement levels are at $86,582, $89,529, and $94,621, respectively. The biggest upside target is marked as $97,990.
However, Bitcoin has not yet clearly broken above the resistance zone. The price is trending sideways just below this resistance level and appears to be in a consolidation phase before a new attack.
Support maintained on short-term charts
In the analysis made on the basis of the 15-minute chart, it was seen that Bitcoin maintained the first micro support area determined in the short term. In the chart published by More Crypto Online, Bitcoin managed to hold on to the prominent support area after the short-term retreat.
More Crypto Online stated in its assessment that “Bitcoin did not fall below the first micro support zone and thus the short-term ‘orange scenario’ remains valid.”
The first micro support levels here are set at $80,475, $79,941 and $79,703. Although Bitcoin performed tests in this price range, it did not close below it. After the reaction, the price tried to rise above these levels again, and if the rise continues, $ 82,200 will be the first target. With a stronger movement, the $ 85,030 level is shown as the new target.
However, in the short-term scenario, the main risk area is Bitcoin slipping below the first micro support. In this case, the next important support is located in the range of $ 78,762 and $ 76,527. A possible breakout may cause the orange road map to become invalid and strengthen the correction trend.
Upside potential is strong, risks follow
Analysts say that Bitcoin is still at a critical threshold; He emphasizes that the longer it stays above $74,917, the stronger the bullish expectation becomes. While holding the price above the main support has a positive impact on the market, support areas that need to be closely monitored in case of a possible decline stand out.
In summary, Bitcoin maintains the important support levels established in both the medium-term and short term. As investors watch both the $74,917 and the shorter-term $80,475-$79,703 range, recovery and resistance transitions ahead of possible bullish targets are closely watched.
