As Bitcoin ($BTC) approaches the $81,000 mark ahead of Sunday’s weekly close, traders are anticipating a fresh retest of support levels.
Key Highlights:
This weekend, Bitcoin has managed to maintain its position above $80,000. However, traders are looking for a potential dip to revisit familiar chart patterns.
The prevailing sentiment suggests that an upward continuation is likely following this phase.
With US CPI data set to be released soon, Bitcoin appears to have already factored in the anticipated results.
Bitcoin Traders Anticipate Sub-$80,000 Retest
According to TradingView data, $BTC‘s price trajectory has been on an upward trend after a relatively stable weekend that saw it avoid dipping below $80,000.
This week’s attempt near the $83,000 mark did not hold strong; hence traders believe it’s essential for $BTC/USD to retest its support levels—a notion they have reiterated recently.
A focal point in this analysis is the bull market support band, which consists of two moving averages situated just beneath the $80K threshold.
“On lower timeframes and after facing resistance at higher timeframes marked in purple on my chart,” noted analytics account Cryptic Trades in their latest post on X. “I anticipate a short-term pullback towards the 2D Bull Market Support Band—an area that has shown strong reversal potential over recent months.”
“As long as prices remain above both this support band and broader high-timeframe support around $75K—which aligns with April 2025’s bottoming formation—I foresee further upside as more probable.”
$BTC /USD one-day chart. Source: Cryptic Trades/X
CPI Already “Priced In” for $ BTC
AHEAD OF THE UPCOMING US inflation report next week trader Killa cautioned about possible headwinds affecting Bitcoin’s price strength.
The Consumer Price Index (CPI) scheduled for release Tuesday is expected to reflect ongoing impacts from geopolitical tensions such as the US-Iran conflict and rising oil prices.
“It’s priced in,” Killa remarked on X.
“Bitcoin has surged following previous CPI releases; however if we analyze CPI movements from 2025 onwards we might witness larger players beginning de-risking prior due events,” he added.
Support levels worth monitoring also include areas surrounding bull market supports bands with particular attention around $74K should those fail.
“I would keep an eye out for liquidity sweeps near these pivots indicating subsequent moves,” Killa concluded.
This article adheres strictly to Cointelegraph’s Editorial Policy and serves solely informational purposes. It does not offer investment advice or recommendations; all investments entail risks—readers should conduct their own research before making decisions.
FAQ:
What is Bitcoin?: Bitcoin is a decentralized digital currency without central authority or banks managing transactions which occur directly between users through cryptography technology.
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What affects bitcoin prices? : Factors influencing bitcoin pricing include demand/supply dynamics , regulatory news , technological advancements blockchain ecosystem developments among others.
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