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U.Today - As the Bitcoin price continues to zig and zag, traders and analysts alike are closely watching key price levels that could define its next major move.
According to on-chain data provider CryptoQuant, if Bitcoin keeps climbing, the $84,000 and $96,000 levels remain key to watch, as both served as significant support earlier in this cycle.
However, with BTC currently experiencing market uncertainty, there is a growing risk that these key levels might be flipped into resistance — especially if momentum begins to fade.
Crypto price volatility remained high this week; on Wednesday, Bitcoin fell from $83,583 to $74,553, a five-month low. However, prices regained the majority of their losses on April 9.
Technically, Bitcoin’s price rebounded after reaching its 365-day moving average (MA), which has served as a significant support level in both this and previous market cycles. CryptoQuant noted that the price of Bitcoin appears to have found support near its 365-day moving average (MA), which is $76,100. Notably, this moving average was previously used as support in August 2024, July 2021 and December 2021. A sustained dip below this MA would herald the official beginning of a bear market.
Key levels highlighted
At press time, Bitcoin has risen 0.8% in the previous 24 hours to $82,160. If Bitcoin’s price continues to rise, it may face resistance at $84,000, followed by $96,000. These levels define the lower band of the Trader’s Realized Price and have served as price support during this bull cycle, but they may now act as price resistance if bullish conditions do not improve. This has been the case in previous bearish cycles.On the other hand, Bitcoin might retest key support levels if the declines continue. According to Glassnode’s Cost Basis Distribution, Bitcoin has built notable support at $79,000, with about 40,000 BTC accumulated there. BTC has also worked through the $82,080 cluster, where 51,000 BTC are positioned. If this level holds, the next challenge will be $83,500, where 48,500 BTC are located.