Bitcoin Has Hit A Ceiling, Analyst Says No Buying Until Price Hits This Level
Bitcoin has hit what one analyst describes as a major ceiling after losing the support level that held the market together for months. Following a failed push toward $83,000, the analyst now believes buying Bitcoin at current prices carries more risk than opportunity. Instead, he points to a much lower target, a level where buyers may finally step back into the market with conviction. Bitcoins Former Support Has Turned Into Resistance The analysts outlook centers on the collapse of the $80,500 area, a level that previously acted as the backbone of Bitcoins trading range for months. During earlier pullbacks, buyers repeatedly defended that zone and helped stabilize price action, allowing Bitcoin to recover and attempt new highs. That dynamic now appears to have reversed. After briefly climbing toward $83,000 in May, Bitcoin failed to maintain momentum and quickly lost strength. The rejection created what the analyst described as a bull trap, where buyers entered expecting a breakout only for the market to reverse sharply lower. Since then, the same price region that once attracted demand has started functioning as resistance. This suggests that buyers who previously defended the area are either exhausted or stepping aside, while sellers are becoming increasingly aggressive on rebounds. According