Bitcoin’s latest push has end up in a difficult processwith the price falling below $80,000 in the last 24 hours. This context gives more weight on a new quarterly chart analysis that places key levels much lower than the current price.
According to the analyst, Bitcoin could be keep moving sideways within the current quarter, but the structure of the quarterly candle makes the $65,000 region an important area to watch if current resistance remains.
The resistance zone that could define this quarter
Technical analysis of Bitcoin price action on the quarterly candlestick chart shows key price levels for Bitcoin traders this quarter. The analysis, posted by crypto analyst Minga at X, places the most direct observation in the $80,600 to $82,500 range. This is a band that, based on the quarterly chart, represents the ideal area for Bitcoin to find rejection in the current candle.
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This zone is important because it is near the upper limit of the current quarterly structure and has already been a difficult area for bulls to reclaim. Bitcoin tested the 200-day SMA resistance early around $82,500 during the week, but buyers have so far failed to engineer a strong breakout above the level.
The outlook is that Bitcoin should ideally be rejected within the range of $80,600 to $82,500. If Bitcoin is unable to close above this region this quarter, it shows that the price action does not have the conviction needed to sustain price discovery on the terms of this particular cycle.
On the other hand, if Bitcoin reclaims this area, the quarterly candle will eventually engulf the previous quarterly candle, something that has not happened before during a bear market.
$65,000 is very important
The bearish side of the setup relies on Bitcoin continuing to decline from $80,600 to $82,500, but there are key support levels to look out for if a rejection occurs. The analyst identified Bitcoin’s quarter open at around $68,200, and this level stands out as the first major support area under the current price action. A return to the quarter open would therefore place Bitcoin at a key decision point for the broader time frame.
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But perhaps the most important boundary for this quarter is $65,000, and this is because there are untapped lows in that area on the lower time frames.
Bitcoin has yet to revisit these untapped lows and therefore $65,000 represents areas of likely liquidity. However, there is a high possibility that Bitcoin will hold the region as a support base and make another upward leap from there. At the time of writing, Bitcoin is trading at $79,820, down 1.8% in the past 24 hours.
Featured image from Getty Images, chart from Tradingview.com