Bitcoin’s $54K Support Holds Strong as $82K Resistance Looms

• Bitcoin is poised for a significant upward move towards $70,000 and possibly $82,000, followed by a potential correction.
• Maintaining above $60,000 could pave the way for Bitcoin to revisit all-time highs in Q3.
• Critical support levels at $54,353.48 and $60,748.29 are pivotal for sustaining Bitcoin’s current upward momentum.

Bitcoin (BTC) is poised for another significant upward wave before a larger correction, as noted by Crypto Tony, a top analyst. Analyzing the Bitcoin Liquid Index (BLX) on a weekly timeframe reveals critical support and resistance levels that provide insight into Bitcoin’s potential price movements.

The primary support level for Bitcoin is around $54,353.48. Historically, this level has acted as a significant floor, attracting considerable buying interest. Another support level is around $52,000, which the chart indicates might be relevant for future price dips. These levels are crucial for Bitcoin’s current upward trajectory.

On the resistance side, the primary level is around $70,000. This price point has previously acted as a ceiling, where selling pressure tends to increase. Additionally, the secondary resistance level is around $82,000, which is suggested by potential future price peaks. Understanding these resistance levels is essential for predicting Bitcoin’s upward movements.

Recently, Bitcoin’s price rebounded from the support level of around $54,353.48. The chart suggests a rise towards the $70,000 resistance level, followed by a potential decline. Another upward movement is projected towards $82,000 before a significant decline, possibly to around $41,050 by mid-2025.

Michaël van de Poppe, CIO and founder of MN Trading Consultancy highlights that Bitcoin ($BTC) has re-entered its range. After a deviation beneath the range low, Bitcoin rallied back into the range in the past few days. As long as the $60,000 level holds, expectations are for a continuation towards the all-time high in Q3.

Examining the Bitcoin/TetherUS (BTC/USDT) pair daily provides further insights. The primary support level of around $60,748.29 has recently acted as a support, maintaining the upward momentum. 

Another support zone is between $57,000 and $58,000, highlighted in green on the chart, which represents the bottom during the last FOMC meeting. A tertiary support level is around $50,521.95, and a major support level is tested multiple times.

On the resistance front, the primary resistance is around $67,789.00. Breaking this level would confirm a strong upward trend. Secondary resistance levels are around $71,679.70 to $73,650.25, major barriers where significant selling pressure is expected.

At press time, Bitcoin faces resistance around $63,363.70. A break above this level could lead to a test of the primary resistance at $67,789.00. If Bitcoin fails to hold above the primary support at $60,748.29, it might revisit the secondary support zone around $57,000.

Bitcoin price today is $64,016, with a 24-hour trading volume of $39,135,785,279. Bitcoin is up 1.99% in the last 24 hours.