- Bitcoin hovers at key support, presenting a prime re-accumulation opportunity amid ongoing bullish and bearish tug-of-war.
- Decisive break below support could signal further downside, while a bounce may lead to another test of resistance.
- Market structure mirrors past consolidation phases, hinting at a potential major move similar to mid-2024’s breakout.
Doctor Profit emphasizes the importance of Bitcoin’s current market position. He believes this phase presents one of the best re-accumulation opportunities. He reiterates that Bitcoin has been moving sideways within a defined range for months. Each visit to the lower boundary has provided strong buying opportunities, while moves toward the upper resistance have led to selling pressure.
Bitcoin’s Critical Support Zone
Bitcoin is currently trading near the bottom of its long-term range. The established support lies around 89,000 USDT, while the upper resistance is near 108,000 USDT. Recent price action shows Bitcoin dipping near the lower boundary before bouncing slightly. This suggests buyers are stepping in at this key level.
Moreover, the candlestick pattern reflects increased volatility. Long wick formed below the support zone, indicating that selling pressure was temporarily absorbed by buyers. However, sellers have been dominant in recent sessions, pushing Bitcoin downward.
Sideways Market Phase Continues
Bitcoin’s price movement remains within a well-defined range. It has repeatedly failed to break above resistance or sustain moves below support. This indicates a prolonged consolidation phase.
Additionally, trading volume has shown fluctuations, reflecting uncertainty in market sentiment. If Bitcoin decisively breaks below the support with strong volume, a deeper downside correction could follow. Conversely, a bounce from this level could trigger a move toward resistance once again.
Such conditions were observed in the summer of 2024. At that time, Bitcoin moved sideways ahead of a strong bullish breakout. The market structure is currently identical to that period, which boosts the possibility of another enormous move.
