Bitcoin’s latest push has run into a difficult stretch, with the price falling back under the $80,000 mark in the past 24 hours. This context gives more weight to a new quarterly chart analysis that places the most important levels much lower than the current price.
According to the analyst, Bitcoin may continue to move sideways within the present quarter, but the structure of the quarterly candle makes the $65,000 region a major area to watch if the current resistance continues to hold.
The Resistance Zone That Could Define This Quarter
Technical analysis of Bitcoin price action on the 3-month candlestick chart shows important price levels for Bitcoin traders in this quarter. The analysis, which was posted on X by crypto analyst Minga, puts the most immediate observation on 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 sits near the upper boundary of the current quarterly structure and has already acted as a difficult area for bulls to reclaim. Bitcoin tested the 200-day SMA resistance around $82,500 early in the week, but buyers have so far failed to secure a strong breakout above the level.
The outlook is that Bitcoin should ideally reject inside the $80,600 to $82,500 range. If Bitcoin cannot close above this region in this quarter, then it shows that the price action lacks the conviction required to push into price discovery on this particular cycle’s terms.
On the other hand, if Bitcoin reclaims this area, then the quarterly candle will end up engulfing the previous quarterly candle, which is something that hasn’t happened during a bear market before.
$65,000 Is Very Important
The bearish side of the setup depends on Bitcoin continuing to reject from $80,600 to $82,500, but there are important support levels to watch when there is a rejection. The analyst identified Bitcoin’s quarterly open at around $68,200, and this level stands out as the first major support area below the current price action. A move back to the quarterly open would therefore place Bitcoin at an important decision point for the broader timeframe.
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However, perhaps the most important line in the sand for this quarter is $65,000, and this is because there are untapped lows around that area on the lower timeframes.
Bitcoin has yet to revisit these untapped lows, and therefore, $65,000 represents areas of likely liquidity. However, there is a strong possibility that Bitcoin holds the region as support and stages another upside bounce from there. At the time of writing, Bitcoin is trading at $79,820, down by 1.8% in the past 24 hours.
Featured image from Getty Images, chart from Tradingview.com
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