Bitcoin’s price action continues to generate intense debate among analysts, with the flagship cryptocurrency currently testing support at $82,000. Despite recent bearish sentiment, prominent crypto analysts argue that BTC has not yet reached its cycle peak, suggesting significant upside potential remains.
As covered in our recent analysis Bitcoin Price Volatility Alert: 5 Critical Factors for April 2, multiple catalysts could impact BTC’s trajectory in the coming days.
Why Analysts Believe Bitcoin’s Top Isn’t In
Crypto analyst BitQuant has presented compelling evidence suggesting that Bitcoin’s current price action differs significantly from previous market cycle tops. Drawing parallels to the last bull run, BitQuant notes that while $60,000 displayed textbook topping patterns in 2021, similar technical formations are notably absent in the current cycle.
Key Price Levels to Watch
According to analyst Kevin Capital, Bitcoin faces critical support between $70,000 and $73,000 if the current correction deepens. The immediate focus remains on the golden pocket at $81,000, with a breach potentially triggering a measured move to lower levels.
Macro Factors Influencing Bitcoin’s Price
Several significant macro events could impact Bitcoin’s price trajectory this week:
- Trump tariff implementation on April 2nd
- Labor market data release
- US Treasury run-off reduction from $25B to $5B
As highlighted in Macro Forces Overshadow Crypto: Fed Policy, War Drive Markets, these broader economic factors continue to play a crucial role in cryptocurrency market movements.
Technical Analysis and Price Projections
Current technical indicators suggest:
- Strong support at $81,000 (golden pocket)
- Secondary support zone: $70,000-$73,000
- Current price: $82,000 (-2% in 24 hours)
FAQ Section
When will we know Bitcoin has reached its top?
According to BitQuant, a clear 25% pullback combined with specific technical formations will signal the actual market top.
What are the key support levels to watch?
Primary support exists at $81,000, with secondary support between $70,000-$73,000.
How do macro events affect Bitcoin’s price?
Upcoming events like Trump’s tariffs and Treasury policy changes could create short-term volatility while potentially offering buying opportunities.