Bitcoin ($BTC) Traders were expecting a retest of new support next and expected a weekly close of $81,000 on Sunday.
Important points:
- Bitcoin has held steady at $80,000 over the weekend, but traders are waiting for a dip to retest familiar chart features.
- There remains general consensus that a higher continuation follows.
- US CPI data is scheduled to be released, but Bitcoin has already “priced in” the results.
Bitcoin Trader: Next retest below $80,000
Data from TradingView displayed $BTC After a mostly flat weekend, price action trended higher and avoided a return below $80,000.
$BTC/USD 1 hour chart. Source: Cointelegraph/TradingView
After falling to nearly $83,000 midweek. could not holdHowever, the trader $BTC/USD retests support — they have now repeated it.
What was particularly interesting was bullish market support bands — Two moving averages just below the $80,000 mark.
“After a rejection in the higher timeframe resistance range marked in purple, on the lower timeframe, I believe the most likely outcome is a short-term pullback to the 2D bullish market support band, which has been a strong reversal zone over the past few months,” analytical account Cryptic Trades wrote alongside the chart. Latest posts about X.
“I believe the most likely outcome is further upside as long as price remains above the support band and the broader upper timeframe support range marked in blue around $75,000, which coincides with the April 2025 bottom formation.”
$BTC/USD 1 day chart. Source: Cryptic Trades/X
Trader Daan Crypto Trades agreed, saying that the initial move above the support band was “not a clean break.”
“I would like to see the price at least get out of the troublesome area around the low-$80,000 range and maintain it there for a week or two,” he said. said X followers.
$BTC/USD 1 week chart. Source: Daan Crypto Trades/X
CPI is already “priced in” $BTC
Ahead of new US inflation data being released next week, trader Kira warned that headwinds will return. $BTC Price strength.
Related: Bitcoin Bollinger Bands Push Significant Breakout as Creators React to Positive Signals
The consumer price index (CPI) for April, released on Tuesday, will show the impact that the war between the US and Iran and rising oil prices are having on the economy.
“That’s already factored in.” Kira I wrote With X.
“$BTC It rose after the last two CPI releases. However, if we track the CPI price trend in 2025, large companies may begin to de-risk and enter the event counter narrative. ”
$BTC/USD chart with CPI release. Source: Kira/X
Support levels to watch also include the area near the bullish market support band, with $74,000 being noted in case of failure.
“I would like to watch for a spike in liquidity around this pivot to signal the next move,” Kira added.
This article was created in accordance with Cointelegraph’s editorial policies and is for informational purposes only. It does not constitute investment advice or recommendations. All investments and trading involve risk. Readers are encouraged to do their own research.
