Bitcoin Stuck at $78,000 as Traders Eye Breakout Above $83,000
Bitcoin has been stuck at around $78,000 for several days as traders wait for a breakout above $83,000 or another pullback. According to Doctor Profit, a trader and analyst, Bitcoin's current structure is similar to its early-2023 recovery, when it made multiple attempts to clear its 50-week moving average before breaking higher.
Doctor Profit believes that repeated rejection from a major moving average does not necessarily invalidate the broader recovery. He sees two possible paths for Bitcoin: either a decisive break above $83,000, which would strengthen the bullish structure and put $88,000 in focus, or a pullback toward $71,000, which is viewed as the strongest support and a potential long-entry area.
The CLARITY Act vote on September 15 and the FOMC meeting on September 16 are also keeping Bitcoin on watch. The analyst thinks that much of the event risk is already reflected in markets and would prefer the Fed to leave rates unchanged.