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Bitcoin tests the $80,000 level as analysts flag key pullback zones
Analysts highlight $75,000 to $76,000 as a key area to watch, while one CIO says a sustained break above $83,000 could make $100,000 a plausible target.
Bitcoin has climbed about 27% over the past month and is testing the $80,000 level after a sharp rebound, according to CoinDesk. Analysts said the next pullback or consolidation could be the real test of whether the rally is sustainable.
CoinDesk also noted that several market watchers are pointing to specific ranges. Hashdex CIO Samir Kerbage said the $75,000 to $76,000 area is among key levels to watch, and he suggested that consolidation between $75,000 and $83,000 could help build a base.
Kerbage added that historical trading volume is thin between $80,000 and $90,000, which can leave bitcoin prone to moving quickly once it enters that zone. He said a sustained break above $83,000 could open the path toward testing the $100,000 area.
Other analysts cited by CoinDesk expect additional near-term range trading, with Chris Sullivan of Hyperion Decimus pointing to a pullback as necessary after bitcoin became overbought. Ryan Lee, chief analyst at Bitget Research, said bitcoin could trade between $74,000 and $81,000, with a move back toward $75,000 to $76,000 consistent with traders taking profits after the recent surge.
Latest closeBitcoin $78,839.88 ▲1.4%