What’s the Latest Situation in Bitcoin? What Could Happen to the Price? Analysts Explain the Upside and Downside Levels to Watch!
Amid ongoing uncertainty stemming from the US-Iran conflict, Bitcoin ($BTC) remains trapped in a narrow range. While the $BTC price has been struggling to hold above $75,000 in recent days, one analyst argued that selling pressure on Bitcoin has eased.
Speaking to Coindesk, Zaheer Ebtikar, founder of Split Research, said that Bitcoin sellers sensitive to macroeconomic uncertainty have already exited the market and selling pressure has decreased.
At this point, the analyst noted that Bitcoin’s relative calm signaled a shift in the market structure.
“The Bitcoin surplus has been resolved, and those concerned about macroeconomic changes or quantitative anxieties like quantum technology have already exited the market. This has made selling pressure significantly weaker than it was a few months ago.”
The analyst also added that $BTC is less sensitive to regulatory rumors or central bank policies than people think.
Ebtikar concluded by stating that Bitcoin is currently in a stable price range and a sudden wave of sell orders is not imminent.
Lastly, Bitget analysts also assessed the current situation in Bitcoin. According to the analysts, the $75,000 level, which has held since the end of March, is a very important support level for Bitcoin.
However, a drop below this level could open the door to further declines. A bounce and breakout above $80,000 from current levels would preserve Bitcoin’s bullish trend and pave the way for a retest of the resistance level that has been rejected in every rally since February.
*This is not investment advice.