If you get pushed here, it's over…Bitcoin enters 'critical price zone'

▲ Bitcoin (BTC)/ChatGPT generated image ©

Bitcoin continues its upward trend, but signs have emerged that it has entered a 'critical turning point' that will determine its future direction.

According to the cryptocurrency specialized media Bitcoinist on April 28 (local time), Bitcoin (BTC) is strengthening its upward momentum by recovering to $77,000. However, on-chain indicators suggest that it is approaching a 'confluence zone' where several key price levels overlap, raising the possibility of increased future volatility.

CryptoQuant analyst Darkfost explained this zone through a Bitcoin supply distribution heatmap. This indicator combines distribution clusters representing buy/sell activity, the actual average market price, and the average purchase price of short-term holders. Currently, Bitcoin is moving in a 'white zone' where trading activity has been relatively low.

The current key resistance levels are presented as $79,000 and $83,000. The average purchase price of short-term holders and the actual average price are formed around $79,000, limiting the upside, and $83,000, where investor reactions were concentrated in the past, is also highly likely to act as a major resistance. Experts believe that retesting this zone is inevitable for the continuation of the upward trend.

Technically, an ascending channel pattern is maintained. Bitcoin has been moving within an ascending channel on the 4-hour chart, hitting upper resistance recently before reconfirming the support level of approximately $77,000. This price level is currently a key structural support, and its maintenance is expected to determine the short-term trend.

If the $77,000 support level is maintained, the price could extend to approximately $81,500 at the channel midpoint, and then to $84,500 at the upper bound. Conversely, if this zone collapses, the short-term upward structure itself could be invalidated, leading to a significant shift in market direction, according to warnings.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*