The outlook is that Bitcoin should ideally reject inside the $80,600 to $82,500 range. If Bitcoin cannot close above this region in this quarter, then it shows that the price action lacks the conviction required to push into price discovery on this particular cycle’s terms.
On the other hand, if Bitcoin reclaims this area, then the quarterly candle will end up engulfing the previous quarterly candle, which is something that hasn’t happened during a bear market before.
$65,000 Is Very ImportantThe bearish side of the setup depends on Bitcoin continuing to reject from $80,600 to $82,500, but there are important support levels to watch when there is a rejection. The analyst identified Bitcoin’s quarterly open at around $68,200, and this level stands out as the first major support area below the current price action. A move back to the quarterly open would therefore place Bitcoin at an important decision point for the broader timeframe.
However, perhaps the most important line in the sand for this quarter is $65,000, and this is because there are untapped lows around that area on the lower timeframes.
Bitcoin has yet to revisit these untapped lows, and therefore, $65,000 represents areas of likely liquidity. However, there is a strong possibility that Bitcoin holds the region as support and stages another upside bounce from there. At the time of writing, Bitcoin is trading at $79,820, down by 1.8% in the past 24 hours.
