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The post Bitcoin Price Analysis: Crucial Support and Resistance to Watch Now appeared first on Coinpedia Fintech News
At the start of this month, the price of Bitcoin was at the $82,539 level. Since then, the BTC price has declined by over 3.27%. However, currently, Bitcoin is showing a small sign of recovery as it is slowly inching back to the crucial $80K level. Meanwhile, on-chain indicators suggest panic selling by short-term holders, which some analysts believe is a long-term buying opportunity. With key resistance and support levels now in focus, the market could be on the edge of a major move. Curious to know more. Read on!
Bitcoin SOPR Signals Panic Selling – A Bullish Indicator?
The BTC Short-Term Holders SOPR indicator value is currently trending downwards. In other words, the BTC Short-Term Holders SOPR indicator shows panic selling.
The indicator shows if short-term cryptocurrency holders (who have held their coins for less than 155 days) are selling at a profit or a loss.
If the SOPR value is less than 1, they are selling at a loss.
This implies that a large number of short-term holders are selling their coins at a loss.
Flashback to Past BTC Dips: History Repeats for Patient Investors
A crypto analyst, identified as FOUR Crypto Spaces on X, draws a comparison between the current BTC market dip and the $60K dip in 2024 and the $26K dip in 2023.
He claims that dips often recover and lead to new highs.
BTC Price Action: Key Resistance and Support Levels
Since the start of yesterday, the Bitcoin market has grown by nearly 1.82%. Currently, the price of Bitcoin stands at $79,839 – just 0.17% below the crucial $80K level.
A German BTC analyst, identified as cb on X, states that $83,739 and $84,689 are key levels BTC needs to break to continue going up.
On April 6, the BTC market plummeted as low as $77,212, due to extreme market volatility.
The analyst warns that if Bitcoin drops below the range of $75,762 and $74,458, it could signal more downside risk.
Even though bearish pressure is present in the market, the recent bounce offers confidence to buyers.
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