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

Published by
Vignesh S G

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.

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.

FAQs

How much will 1 Bitcoin cost in 2025?

As per Coinpedia’s BTC price prediction, 1 BTC could peak at $169,046 this year if the bullish sentiment sustains.

How much will 1 Bitcoin be worth in 2030?

With increased adoption, the price of 1 Bitcoin could reach a height of $610,646 in 2030.

How much will the price of Bitcoin be in 2040?

As per our latest BTC price analysis, Bitcoin could reach a maximum price of $5,148,828.

How much will the Bitcoin price be in 2050?

By 2050, a single BTC price could go as high as $12,436,545.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.

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