Bitcoin is up more than 30% from its February lows and is approaching $80,000, with sentiment across the trading community rapidly becoming more bullish. One analyst who has been tracking the structure for months says the excitement may have come at exactly the wrong time.
The question is not whether the gathering is real or not. That’s what comes after.
Resistance is the story
The zone between $80,000 and $109,000 was marked as a key resistance level long before the price reached there. Getting there is not surprising in itself. That’s exactly why the Resistance Zone exists.
The specific target range that is attracting attention is $81,750 to $94,330. Prices have not yet fully reached that level and remain at short-term highs. Once that zone is tested, a sharp structural decline could signal the beginning of another decline.
The trap most investors fall into
When Bitcoin was at its February lows, most traders were clamoring for another crash. Now, with resistance looming, that same crowd is getting bullish. Analysts have seen this pattern repeat itself over and over again. People become bearish on lows and bullish on resistance. The advice here is to remain cautious rather than going short and chasing moves that may be in their final stages.
Purchase timing and major levels
The analyst’s last purchase was on February 6th for approximately $63,500. There is no urgent need to add more at the current price. Two settings would change the situation. One is a clean rally followed by a decline to a higher low, or the daily RSI has reached oversold territory, signaling a 20-30% rally in both November and February.
Key levels to watch for: resistance at $78,324 to $79,260, first support at $74,968 to $77,250, channel support at $76,400, and deeper support if the sell-off accelerates at $67,500 to $72,900.
Prices may rise even higher in the short term. But the big picture hasn’t changed over the months, and perhaps the most valuable asset at this point is patience.
