As Bitcoin's price hits record highs, market analysts are urging caution
Bitcoin’s price has risen above $77,500, but market recovery is expected to face significant resistance between $78,500 and $82,000, according to Zamin.uz.
According to specialists, nearly $980 million has flowed out of Bitcoin exchange-traded funds this week, indicating investor caution amid near-term uncertainty.
Analysts suggest that retesting the $74,000–$75,000 zone could be a pivotal moment in determining Bitcoin’s next direction. While short-term weakness remains possible, experts do not anticipate a sharp decline.
CryptoQuant analysts emphasize that if Bitcoin holds above $70,700, the market may enter a stabilization phase between $70,000 and $82,000, allowing it to absorb current supply and build momentum for the next upward move.
Currently, buyers are attempting to defend the $76,000 level as a strong support. The 20-day moving average for the BTC/USD pair is acting as a key dynamic level at this time.
If the price breaks sharply below this level, there is a risk of further decline below $76,000. Conversely, a firm hold above the moving average could empower buyers to push Bitcoin toward $84,000.
Successfully overcoming this resistance would set the next major target near $98,000. Meanwhile, Ethereum’s price is also undergoing its own distinct corrections.
Although the price dipped below the support level on Sunday, sellers failed to sustain the downward move. Buyers are now trying to restore the previous stability.
If the price falls below average indicators, the risk of a pullback remains. Overall, market conditions remain uncertain, and the preservation of key price levels is crucial for future development.
