Bitcoin is confronting a major resistance band after losing a support level that underpinned trading for months. Following a failed push toward $83,000 in May, a market analyst says risk now appears skewed to the downside until either the former support is reclaimed or price revisits a lower demand zone around $60,000–$62,000.
Former Support Turns Into Resistance
The analyst’s view centers on the breakdown of the $80,500 area, which had repeatedly attracted buyers during earlier pullbacks and helped stabilize price action. That dynamic has reversed: the region that once drew demand is now acting as resistance, suggesting prior dip-buying interest has faded while sellers are more active on rebounds.
The failed advance toward $83,000 in May is described as a bull trap, with upside momentum quickly reversing and exposing what traders call an “air pocket” below the range—areas of thin demand where declines can accelerate. While some interim support has emerged in the mid-$70,000s, the analyst frames it as fragile within a broader corrective structure that has been building for months.
Why $60,000–$62,000 Is Back on the Radar
The more attractive entry zone, according to the analyst, sits materially lower—between $60,000 and $62,000. That target aligns with a Fibonacci extension level near $60,000 and is treated as the broader downside objective of the breakdown that started forming earlier this year. Until Bitcoin either reclaims the $80,500 area with conviction or reaches the projected lower demand zone, the analyst sees limited justification for aggressive dip-buying.
What Would Shift the Outlook
- Reclaim of $80,500–$83,000: A decisive move back above the former support-turned-resistance would challenge the bearish structure and suggest buyers have regained control.
- Test of $60,000–$62,000: A deeper pullback into this zone could attract stronger, longer-term demand and potentially mark a more durable bottom for the correction.
Key Levels to Watch
- Resistance: $80,500–$83,000
- Interim support: Mid-$70,000s (viewed as tentative)
- Downside zone of interest: $60,000–$62,000 (Fibonacci extension target)