Bitcoin, prepare for re-entry into the $60,000 range..."Short-term buying not yet"

▲ Bitcoin (BTC), cryptocurrency decline/AI generated image

A warning has emerged that Bitcoin (BTC) has lost the $80,500 support level that had propped up the market for several months, suggesting that investors should wait for a re-entry into the $60,000 range rather than making short-term purchases.

According to crypto media outlet NewsBTC on May 29 (local time), an analyst diagnosed that Bitcoin had hit a major price ceiling. Bitcoin rapidly lost strength after failing to break above $83,000, and a strategy of buying at the current price level was seen as having more risk than opportunity.

The core of this analysis is the breakdown of the $80,500 range. This price point had served as the central support for Bitcoin's trading range for several months, but recently it has turned into a resistance level where selling pressure emerges with every rebound. The analyst explained this trend by stating that buyers are either exhausted or have moved to a wait-and-see approach, while sellers are acting more aggressively in rebound areas.

Bitcoin rose to around $83,000 in May but failed to sustain its upward momentum. The analyst interpreted this movement as a bull trap, where buying pressure anticipating a breakout entered, only for the price to reverse sharply. Subsequent attempts to recover below $80,500 did not attract confident buying, and the bearish structure became more pronounced.

The buying zone that the analyst is watching is between $60,000 and $62,000. This outlook is linked to the Fibonacci extension near $60,000. He viewed Bitcoin's repeated failures to rebound near $97,000 and $83,000 as evidence of weakened momentum rather than long-term bullish signals.

NewsBTC reported that while Bitcoin is still trading above the mid-$70,000 range, it is difficult to consider this area a solid bottom. The analyst assessed that there is insufficient basis for aggressive buying until Bitcoin definitively recovers $80,500 or descends to the $60,000 to $62,000 range.

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