Bitcoin Holds Near $79K as Analyst Flags Key Levels for Next Move

Bitcoin remains near $79,033 as its latest pullback keeps traders focused on critical price levels. The cryptocurrency slipped from $80,530 after reaching a recent local high near $82,262. However, analyst Michael van de Poppe expects Bitcoin to avoid a deep correction despite the recent weakness.

Bitcoin Price Holds Above Key Support

Bitcoin traded around $79,033 at press time, extending a consolidation phase around the $80,000 area. Meanwhile, the cryptocurrency has struggled to regain the momentum that pushed it toward $82,262 last week. However, the latest decline has not yet changed the broader technical structure identified by van de Poppe.

The recent move followed stronger-than-expected US employment data, which pressured market sentiment across risk assets. Consequently, Bitcoin retreated from its recent high as traders reassessed expectations for US monetary policy. Still, strong spot Bitcoin ETF inflows have provided additional support for the market.

Van de Poppe has maintained a positive longer-term outlook despite Bitcoin’s short-term price weakness. He considers the current consolidation a normal phase that could precede another upward move. Furthermore, he has identified levels below $74,000 as potential areas where buying activity could increase.

$82,850 Resistance Could Set Bitcoin’s Next Direction

The $82,850 level now represents an important resistance area for Bitcoin’s immediate price structure. A sustained move above that level could strengthen bullish momentum and open the path toward higher prices. Therefore, traders may use the resistance zone as an important reference during the next market move.

Bitcoin also faces several support levels that could determine the depth of any further decline. The key levels include $75,545 and $73,674, which could provide short-term support during renewed selling pressure. If Bitcoin loses those areas, the price could move toward $71,000 or potentially approach $70,000.

However, a decline below $74,000 could also create a potential buying opportunity, according to van de Poppe’s market assessment. That view suggests the analyst considers moderate weakness part of the broader Bitcoin market cycle. At the same time, Bitcoin must recover key resistance levels before confirming another strong upward move.

US Inflation Data Could Influence BTC’s Next Move

Macroeconomic conditions could play a major role in Bitcoin’s direction as markets prepare for fresh US inflation figures. The upcoming Consumer Price Index and Producer Price Index reports could provide new signals about inflationary pressure. Consequently, the data could affect expectations surrounding the Federal Reserve’s future interest-rate decisions.

Higher-than-expected inflation could strengthen expectations for tighter monetary policy and increase pressure on risk-sensitive assets. Bitcoin often responds to shifts in liquidity conditions, interest-rate expectations, and broader market sentiment. Therefore, stronger inflation figures could limit Bitcoin’s ability to reclaim its recent highs.

Meanwhile, September rate-hike expectations have increased, with prediction markets placing the probability near 50%. This shift reflects uncertainty surrounding the Federal Reserve’s policy path following recent economic data. As a result, Bitcoin could remain range-bound until traders receive clearer signals from inflation and monetary policy.

Bitcoin’s current structure therefore centers on the $82,850 resistance and the $75,545 to $73,674 support zone. A breakout above resistance could revive bullish momentum, while a breakdown below support could expose lower targets. For now, BTC remains near $79,033 as technical levels and US economic data shape its next major move.

This article was originally published as Bitcoin Holds Near $79K as Analyst Flags Key Levels for Next Move on Crypto Breaking News – your trusted

Source: www.kucoin.com