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What levels must Bitcoin break to start rising? An analyst named two levels!
A few days before the end of the two-week ceasefire between the U.S. and Iran, U.S. President Donald Trump, in his latest statements, signaled that he does not want to extend the ceasefire with Iran, pointing to a potential escalation of tensions in the Middle East.
While Trump’s statements imply that conflicts may resume after the ceasefire ends, an analyst shared expectations regarding Bitcoin ($BTC).
In this context, Jim Ferraioli, an analyst at the Schwab Financial Research Center of Charles Schwab, warned that Bitcoin will face significant resistance in the $78,000 to $83,000 range, which represents minimum levels for investors.
Jim Ferraioli noted that Bitcoin’s recent price surge stalled at $78,000, which represents the minimum price level for active investors.
Stating that this level is one of the key resistance levels on Bitcoin’s path upward, the analyst said that another important resistance level is $83,000, which corresponds to the average minimum entry price for investors in spot Bitcoin ETFs.
The analyst added that these two price levels may face pressure from investors seeking to reach breakeven and may act as resistance zones.
“Both levels indicate that the average Bitcoin investor is currently at a loss.”
Additionally, these levels may act as much stronger resistance zones than moving averages.
However, Simon Jones, co-founder of the decentralized derivatives exchange Reya, also stated that $83,000 is a significant resistance level for Bitcoin. Jones also pointed out that strong selling pressure may appear at this level.
However, Jones believes that corporate demand may absorb this selling pressure. He stated that institutional investors focus on the long term rather than the short term, and that sustained demand may be enough to absorb profit-taking occurring at these resistance levels.
