Bitcoin (BTC) has hit a snag. After failing to break through the $84,000 resistance level again, it’s dipped, testing crucial support zones. The next few days, especially the weekly close, are key to figuring out whether Bitcoin will surge or plummet.
The $84,000 Wall
Bitcoin’s attempt to conquer the $84,000-$86,000 range failed. It’s dropped over 11% in a week, briefly hitting a four-month low of $76,600. It’s been bouncing between $80,000 and $84,000 for days, unable to break through the upper limit. Analysts see this $84,000 level as incredibly important. Reclaiming it could send Bitcoin soaring, potentially even higher than it’s been before. Conversely, failure to break through could lead to further drops.
Analyst Opinions: Bullish or Bearish?
Analysts have differing opinions:
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Some are optimistic: One analyst sees similarities to Bitcoin’s performance in 2017 and 2020, suggesting the current downturn isn’t the end of the bull run. They predict a potential retest of the $72,000-$74,000 support before a bounce back. Another analyst points to positive signals on weekly charts, suggesting a potential reversal is imminent.
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Others are cautious: Another analyst warns that if Bitcoin doesn’t hold the current support level, it could fall further. A different analyst highlights a significant supply barrier around $95,000, where a large number of investors bought Bitcoin. They also note that a weekly close below $67,250 could signal a market top. This could lead to Bitcoin falling to levels unseen since early 2024.
The Bottom Line
Bitcoin’s price is currently around $80,810. The upcoming weekly close is crucial. Will it break through the resistance and surge, or will it continue its downward trend? Only time will tell. The situation is volatile, and analysts are divided on the next move.
