Bitcoin Consolidation Continues: Analyst Sees $83,000-$86,000 Target

The Producer Price Index (PPI) data release in the US has sent shockwaves through the cryptocurrency market, with Bitcoin facing selling pressure after the numbers came in higher than expected.

According to Chinese analyst Garrett Jin, the current consolidation phase for Bitcoin is far from over. The fact that it rose to $82,300 but couldn't maintain it indicates that the market hasn't yet entered a strong uptrend.

Jin notes that one of the most important levels for Bitcoin is $82,500. He warns that simply breaking above this level is not enough for the upward trend to continue; rather, it needs to maintain its position above and see stronger buying from the spot market.

If an upward move occurs, Jin predicts that Bitcoin's next target would be the $83,000-$86,000 range. However, he also warns that this area will be watched as a significant resistance and selling zone.