- Doctor Profit identified $65,400 as Bitcoin’s key resistance, with sustained weekly closes above it potentially opening a move toward $77,000-$78,000.
- A rejection at $65,400 could send Bitcoin toward $61,500 or $54,000, which remains within Doctor Profit’s preferred accumulation range.
- U.S. CPI and PPI data could influence Bitcoin’s next move as markets assess interest-rate expectations and broader economic conditions.
Bitcoin is approaching a resistance level that Doctor Profit says could determine its next major move. The analyst said BTC was trading near $65,200, with $65,400 acting as a key barrier. He also outlined $61,500 and $54,000 as downside areas if another rejection occurs.
Bitcoin Faces Resistance Near $65,400
According to Doctor Profit, Bitcoin has repeatedly moved above $65,400 in recent weeks. However, those moves failed to produce sustained weekly closes above the level. He said a confirmed breakout would require several weekly closes above $65,400.
If that happens, he identified $77,000 to $78,000 as the next resistance zone. Doctor Profit also placed another resistance area near $83,000. Therefore, he described $65,400 as one of several levels Bitcoin must clear.
Meanwhile, the analyst said he has been accumulating Bitcoin between $54,000 and $64,000. He also said his accumulation plan includes Ethereum and some altcoins.
2024 Bitcoin Range Returns to Focus
Doctor Profit also linked Bitcoin’s current trading range to the 2024 price structure. He said Bitcoin spent 2024 moving between $58,000 and $74,000. According to the analyst, he identified that range as a future reference for Bitcoin’s 2026 market structure.
He now places the current sideways movement and accumulation within that same range. However, another rejection could send Bitcoin toward $61,500, according to his outlook. He also sees continued downside potential toward $54,000.
Doctor Profit said bottom formations can take several months rather than forming within days or weeks. He therefore considers $54,000 to $64,000 his stated accumulation range.
CPI And PPI Become This Week’s Key Events
Doctor Profit identified U.S. inflation data as the main scheduled event this week. The Consumer Price Index report is due Wednesday, Aug. 12. He said the report follows the latest Federal Open Market Committee meeting and a weak jobs report. The Producer Price Index follows Thursday, Aug. 13.
According to Doctor Profit, markets are pricing higher rate risks rather than cuts. Therefore, he expects an upside CPI surprise to pressure financial markets. The next FOMC meeting is scheduled for Sept. 16, leaving CPI and PPI as the major economic releases this week.
