Bitcoin Faces Crucial Resistance Ahead of Next Leg Higher
Bitcoin's price has stabilized after its sharp decline from $80K, and it is currently making higher lows on lower timeframes. However, the broader trend remains challenged as the price trades below key moving averages and several overhead resistance zones.
The daily chart shows that Bitcoin is trading around $65K, with a recovery that has been constructive but not yet convincing enough to establish sustained upside momentum. The 100-day and 200-day moving averages sit at $69K and $72K respectively, leaving the broader structure tilted to the downside.
Key resistance lies at $67K, where price is testing a previously established supply zone. Breaking above this region could expose the next resistance cluster around $72K-$74K, which aligns closely with the declining moving averages. Beyond that, the primary bullish hurdle stands at the $82K supply zone.
The 4-hour chart presents a more worrying picture, as Bitcoin has broken below its lower trendline and is retesting it. Consolidation inside the $65K-$66K resistance zone could trigger another leg higher toward $67K, while failure to overcome this area would likely pull prices back toward the $63.5K short-term support.
The Adjusted Spent Output Profit Ratio (aSOPR) has been below 1 for several months, indicating subdued profitability and reduced selling pressure. However, it is now recovering and moving back toward equilibrium, suggesting easing profit-taking pressure and a healthier recovery phase.