Bitcoin Nears Critical Resistance as Analysts Warn of FOMO

Bitcoin has reached a key technical area after the strong rally of the past few days. The price is trading around $77.000, putting the top of a months-long range back in view. Although analysts are growing more positive about the potential formation of a bottom, they warn that Bitcoin has not yet definitively broken its broader downtrend.

Bitcoin sits at the top of the range

CryptoAmsterdam regards the current market as a bottom phase. According to his analysis, Bitcoin is moving within a broad structure in which the zone around $60.000 is acting as support, while the area around $78.000 to $80.000 is forming resistance.

That makes the current level less attractive for opening large positions without a plan, in his view. The most interesting moments to accumulate Bitcoin and altcoins were lower in the range, according to the analyst. An alternative is to wait until the price breaks convincingly through the resistance.

He therefore warns above all against FOMO after the recent green candles. A bottom formation does not necessarily have to end directly in a new bull market. Bitcoin could continue to trade within the same band for a longer period.

CryptoAmsterdam’s long-term chart also shows similarities with earlier cycles. Around the 2022 bottom, Bitcoin also formed a longer range before the price eventually broke out. Based on his chart, the current structure could once again be forming such a phase.

Rekt Capital looks at $76.150

Rekt Capital also sees no full confirmation that the bear market is over. Bitcoin continues to make lower highs on the macro chart, and the recent rise does not change that for now.

An important level, according to him, is around $76.150. A weekly close below this price could mean Bitcoin is developing a symmetrical wedge within the larger range of roughly $60.000 to $80.000.

That is exactly why the upcoming price action will be interesting. A clear breakout above the descending macro trendline and the resistance around $80.000 would significantly improve the technical picture. A rejection, on the other hand, could send Bitcoin back into the range.

$93.000 comes into view with a confirmed breakout

For the longer term, Rekt Capital sees a considerably higher price level as a possibility. If historical patterns repeat themselves, he thinks Bitcoin could move towards roughly $93.000 in 2027.

Two conditions apply, however. Bitcoin must first convincingly confirm that the bear market bottom is in place, and then break the downward macro trend.

The recent rally is therefore a positive signal, but in the view of both analysts it is no reason to automatically assume that Bitcoin will only keep rising from here. Around $76.000 to $80.000, it will become clear whether buyers are strong enough to turn the current bottom phase into a genuine larger trend reversal.