If pushed here, it's over...Bitcoin enters 'critical price zone'

▲ Bitcoin (BTC)/ChatGPT generated image ©

Bitcoin continues its upward trend, but signs have been detected that it has entered a 'decisive turning point' that will determine its future direction.

According to the cryptocurrency specialized media Bitcoinist on April 28 (local time), Bitcoin (BTC) is strengthening its upward momentum by recovering to $77,000. However, on-chain indicators suggest that it is approaching a 'confluence zone' where several key price levels overlap, raising the possibility of increased future volatility.

CryptoQuant analyst Darkfost explained this zone through Bitcoin's supply distribution heatmap. This indicator combines distribution clusters representing buy/sell activity, the actual market average price, and the average purchase price of short-term holders. Currently, Bitcoin is moving in a 'white zone' where trading activity has been relatively low.

The current key resistance levels are presented as $79,000 and $83,000. The average purchase price of short-term holders and the actual average price are formed around $79,000, limiting the upside, and $83,000, where past investor reactions were concentrated, is also likely to act as a major resistance. Experts believe that retesting this zone is inevitable for the uptrend to continue.

Technically, the ascending channel pattern is maintained. Bitcoin has been moving within an ascending channel on the 4-hour chart, recently hitting overhead resistance and then reconfirming the $77,000 support level. This price level is currently a critical structural support, and its maintenance is expected to dictate the short-term trend.

If the $77,000 support level holds, the price could extend to the channel midpoint of approximately $81,500, and then to the upper bound of $84,500. Conversely, if this zone collapses, the short-term bullish structure itself could be invalidated, leading to a significant shift in market direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*