Recent trading patterns of Bitcoin have shown it ranging between $83,000 and $86,000, leaving many to speculate as to its direction: is it gearing up for an upward surge or is preparing itself for a downward slide?
Recently, a prominent crypto analyst on social media platform X offered their opinion that Bitcoin might be poised for a significant movement, providing key price levels which may shape its short-term trajectory.
Important Price Levels to Monitor for Bitcoin’s Upcoming Movement
Ali Martinez recently provided their insights on Bitcoin’s current market position. According to Martinez, ongoing battle between bears and bulls has created an unpredictable market environment.
Martinez’s analysis focuses on how Bitcoin’s price has responded hourly to these support and resistance levels since Saturday, April 12.
Although multiple attempts at surpassing the $86,000 resistance level have failed over the last week, Bitcoin has consistently fallen short. Any bullish momentum seemed quickly met with bearish resistance that brought it back down towards $83,000 region.
On Wednesday, April 16, Bitcoin reached $86,000 again but could not break through its critical resistance area. This occurred shortly after Jerome Powell, chair of the US Federal Reserve, indicated that anticipated interest rate cuts might not materialize as quickly as traders anticipated and negatively impacted trader expectations.
Martinez speculates that Bitcoin’s next significant move may depend on whether or not it can sustain above $86,000 or fall below $83,000, with each scenario offering potential bullish and bearish outcomes respectively.
A Recap of Bitcoin’s Price Journey
Bitcoin had reached an historic peak of $108,786 in January 2025 and has steadily declined over time, falling more than 22% from that figure to reach approximately $84,530 today – marking a slight 0.3% decrease over 24 hours but showing steady week-on-week gains of over one percent.
