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Analysts publish resistance levels for Bitcoin, which has recently shown a bullish trend
In the cryptocurrency market, Bitcoin, which has recently shown bullish signals, is beginning to encounter significant technical resistance levels. Crypto analyst Murphy Chen stated that in the short term Bitcoin may face strong selling pressure at the $74,000 and $78,880 levels.
In an analytical post published by Chen on the social network X, it is stated that Bitcoin’s recent rise has largely been driven by a reduction in supply on exchanges and increased demand in the spot market. However, according to the analyst, this growth may become more difficult as the price approaches key technical resistance zones.
According to Chen, the first critical level is $74,000. This price is considered a strong resistance level because it lies within the range of the MVRV (Market Value to Realized Value) ratio, a commonly used indicator in the cryptocurrency market. The analyst emphasized that breaking through this level could become more difficult if a bearish trend begins in the market.
The second major resistance point is identified at $78,880. This level is said to correspond to the average purchase price of long-term investors. According to the analysis, long-term investors hold approximately 2.42 million BTC, and the current level of demand is unlikely to absorb such a volume of supply in a single upward move.
Chen also noted that a significant number of “long gamma” positions have accumulated in the options market at the $74,000 level. This situation could lead to greater price volatility in the short term.
The analyst predicts that the peak of the current Bitcoin recovery will most likely occur in the $74,000–$79,000 range. The further direction of the price movement is expected to depend on whether Bitcoin can decisively break through this resistance zone.
See also: "Chart threatens the bullish outlook for cryptocurrencies and Bitcoin"
