Critical Levels in Bitcoin: Analysts Point to 82 Thousand Dollars

Bitcoin, which started a sharp upward movement in August and still managed to stay above 80 thousand dollars despite many negative developments in the world, has seen a decline to the 83 thousand dollar level in recent days. Analysts emphasize the importance of the 82 thousand dollar level.

“Resistance must turn into support.. ”

Jeff Anderson, US President at STS Digital, a digital asset company that provides crypto trading, liquidity and OTC transaction services for institutional investors, cited $82,000 as the most critical level. Anderson said, "Bitcoin had a hard time exceeding $ 82 thousand twice before. Now this old resistance needs to turn into support. Thus, the downward movement can end, but if the price breaks below $ 82 thousand, then $ 77 thousand can be seen."

Anderson also said that he thinks the sharp rise in US bond interest rates is behind the recent declines.

“If 3 risks occur at the same time…”

Lacie Zhang, Bitget's Web3 wallet manager, also pointed out the importance of the 81 thousand 500 to 83 thousand dollars level and used the following statements:

"The fact that Bitcoin remains above this zone indicates that the market structure is still positive. I think three risks must emerge at the same time for a more serious correction. These are: Bitcoin falling strongly below 82 thousand dollars, high money outflow from Bitcoin spot ETFs for several days in a row, and the US 10-year bond interest continuing to rise... Therefore, falling below 82 thousand dollars alone will not be enough."

“If it falls, it means it's not ready.”

Nexo analyst Iliya Kalchev, who offers many financial services in cryptocurrencies, pointed to a slightly lower level of 80 thousand dollars:

"Bitcoin's permanent fall below 80 thousand would indicate that the market is not ready to go up for a while. But an upward trend from this current region and weekly closings could push the price above 90 thousand dollars."