The post Bitcoin Price Analysis: Crucial Support and Resistance to Watch Now appeared first on Coinpedia Fintech News
At the start of this month, the price of Bitcoin was at the $82,539 level. Since then, the BTC price has declined by over 3.27%. However, currently, Bitcoin is showing a small sign of recovery as it is slowly inching back to the crucial $80K level. Meanwhile, on-chain indicators suggest panic selling by short-term holders, which some analysts believe is a long-term buying opportunity. With key resistance and support levels now in focus, the market could be on the edge of a major move. Curious to know more. Read on!
Bitcoin SOPR Signals Panic Selling – A Bullish Indicator?
The BTC Short-Term Holders SOPR indicator value is currently trending downwards. In other words, the BTC Short-Term Holders SOPR indicator shows panic selling.
The indicator shows if short-term cryptocurrency holders (who have held their coins for less than 155 days) are selling at a profit or a loss.
If the SOPR value is less than 1, they are selling at a loss.
This implies that a large number of short-term holders are selling their coins at a loss.
Flashback to Past BTC Dips: History Repeats for Patient Investors
A crypto analyst, identified as FOUR Crypto Spaces on X, draws a comparison between the current BTC market dip and the $60K dip in 2024 and the $26K dip in 2023.
Diamond Hands Forming?Short-term #Bitcoin SOPR flashing "panic sell" = long-term "buy signal". $80K dips?Time-warp to $60K '24, $26K '23.Macro data: weak hands gift strong wallets.Zone in, not pinpoint#BTC #Crypto pic.twitter.com/szcaX3wfIQ
— FOUR | Crypto Spaces (@X_Four_iv) April 7, 2025
He claims that dips often recover and lead to new highs.
BTC Price Action: Key Resistance and Support Levels
Since the start of yesterday, the Bitcoin market has grown by nearly 1.82%. Currently, the price of Bitcoin stands at $79,839 – just 0.17% below the crucial $80K level.
#BTCUSD 250408 #CRYPTONACH SCHWIERIGEM WOCHENSTART IST EIN REBOUND BIS 81140 GELUNGEN, DER ETWAS HOFFEN LÄSST / UM SEINE SITUATION ZU VERBESSERN, MUSS DER BTCUSD 83739 UND 84689 ÜBERWINDEN / BÄREN BLEIBEN JEDOCH GEFÄHRLICH, WESHALB 75762-74458 IM AUGE ZU BEHALTEN IST… CB pic.twitter.com/aBkV24aocp
— cb (@cbnote) April 7, 2025
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A German BTC analyst, identified as cb on X, states that $83,739 and $84,689 are key levels BTC needs to break to continue going up.
On April 6, the BTC market plummeted as low as $77,212, due to extreme market volatility.
The analyst warns that if Bitcoin drops below the range of $75,762 and $74,458, it could signal more downside risk.
Even though bearish pressure is present in the market, the recent bounce offers confidence to buyers.
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Subscribe to News 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.
