Bitcoin has faced significant challenges recently, as its price dipped below the $80,000 mark within the last 24 hours. This downturn comes as analysts provide insights through quarterly chart analysis, indicating that crucial price levels are situated considerably lower than current values. The expectation is for Bitcoin to potentially oscillate sideways for the remainder of this quarter, with the $65,000 area becoming a focal point, especially if the existing resistance continues to stand firm.
Technical analysis focusing on the three-month candlestick chart reveals key price levels for traders. Analyst Minga shared findings on social media platform X, highlighting the $80,600 to $82,500 range as critical for Bitcoin’s performance this quarter. This band is noted to be significant as it represents a challenging area for bulls, who have struggled to reclaim it. Earlier in the week, Bitcoin attempted to break through the resistance posed by the 200-day simple moving average (SMA), situated around $82,500, but buyers were unable to secure a robust breakout above this level.
The prevailing outlook suggests that Bitcoin needs to reject any upward movement in the $80,600 to $82,500 range. Failing to close above this zone during the quarter may signal a lack of momentum, making it unlikely for the cryptocurrency to enter a price discovery phase under favorable conditions for this cycle. Conversely, if Bitcoin manages to reclaim this range, it could result in the current quarterly candle engulfing the previous one, a pattern that has not occurred during the ongoing bear market.
On the bearish side of the scenario, should Bitcoin continue to reject from the highlighted resistance zone, several key support levels become essential to monitor. The quarterly open, set around $68,200, stands out as the first major support level beneath the current price. A fallback to this quarterly open would present a pivotal decision point for Bitcoin’s broader momentum.
However, the most critical level this quarter appears to be $65,000, as it harbors untapped lows on lower timeframes, indicating potential liquidity. Bitcoin has not revisited these lows yet, and thus, this price point is crucial; there’s a significant chance that Bitcoin could find support there and stage another upward movement from that level. At present, Bitcoin is trading at approximately $79,820, reflecting a decline of 1.8% over the past 24 hours.
