Bitcoin Price Analysis: Key Support and Resistance Levels to Watch Now

At the beginning of April, Bitcoin was trading at $82,539. Since then, it has dropped by more than 3.27%. But now, the price is showing early signs of a recovery as it slowly climbs back toward the important $80,000 level. At the same time, on-chain data shows signs of panic selling from short-term holders, which some analysts believe could actually be a long-term buying opportunity.

With major support and resistance levels now in focus, the market could be gearing up for a big move. Here’s what you need to know.

On-Chain Data Shows Panic Selling

The BTC Short-Term Holders SOPR (Spent Output Profit Ratio) indicator is currently moving downward. This means many short-term Bitcoin holders—those who have owned their coins for less than 155 days—are selling at a loss.

A SOPR value below 1 indicates that coins are being sold for less than what they were bought for. Right now, that’s exactly what’s happening. This trend is often a sign of fear or panic in the market.

Analysts See a Pattern: Past Dips Led to Highs

A crypto analyst who goes by FOUR Crypto Spaces on X compares the current drop in Bitcoin’s price to earlier dips—specifically the fall to $60K in 2024 and the dip to $26K in 2023. He believes these patterns show that market pullbacks are often followed by strong recoveries and new highs.

BTC Price Action: Key Resistance and Support Levels

Since yesterday, Bitcoin has gained nearly 1.82%. Its current price is $79,839—just 0.17% below the important $80,000 level.

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A German analyst known as cb on X says that Bitcoin needs to break above $83,739 and $84,689 to continue moving higher. These are now seen as the next key resistance levels.

On April 6, Bitcoin dropped sharply to a low of $77,212, driven by heavy market volatility. According to cb, if BTC falls below the $75,762 to $74,458 range, it could lead to further losses.

Still Bearish? Maybe Not for Long

Although there’s still some downward pressure in the market, the recent bounce has given traders a reason to be optimistic. Some see this dip as a healthy correction and a possible setup for Bitcoin’s next upward run.

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