Bitcoin’s price has been stuck in a tight range between $83,000 and $86,000 lately, leaving investors unsure what’s next. Is it a bull market or a bear market? One analyst thinks a big price swing is coming soon.
Key Price Levels to Watch
A crypto analyst, Ali Martinez, recently pointed out that Bitcoin is caught in a tug-of-war between buyers (bulls) and sellers (bears). He’s focusing on the $83,000 and $86,000 levels.
- $86,000 (Resistance): Breaking above this level could signal a bullish trend and higher prices. Several attempts to break through have failed recently.
- $83,000 (Support): Falling below this level could mean further price drops. The price has bounced off this level multiple times.
The recent failure to break $86,000, partly due to comments from the Federal Reserve Chair Jerome Powell about interest rates, highlights the importance of these levels.
Bitcoin’s Recent Performance
Bitcoin hit a record high of $108,786 in January 2025, but it’s since dropped over 22%. At the time of writing, it’s trading around $84,530, down slightly in the last 24 hours but up slightly for the week. The next few weeks will be crucial in determining the next major price movement.