Key Short-Term Bitcoin Levels Identified by Analyst Burak Kesmeci

Recent analysis from Burak Kesmeci indicates that Bitcoin is range-bound between $83,000 and $86,000. The critical support level is $82,800, while resistance is observed at $92,000. Market movements suggest a cautious approach among investors, as a significant withdrawal of Bitcoin from ETFs reflects growing negative sentiment.

Bitcoin has recently exhibited a range-bound movement, fluctuating between $83,000 and $86,000. Analyst Burak Kesmeci has pinpointed critical price levels for potential short-term actions, which include support at $82,800 and resistance at $92,000, highlighting the importance of these thresholds in the market.

Kesmeci’s analysis utilises the short-term investor cost basis to identify where Bitcoin might be headed next. The realised price for traders active over the past 1-4 weeks is currently at $82,800, establishing a support level that may encourage recent buyers to maintain their positions, thereby acting as a psychological floor.

Conversely, resistance is found at the $92,000 level, marking the average cost for BTC holders over a longer span of 1-3 months. This price is significant for investors contemplating exits as it corresponds with breakeven points, enhanced by supporting technical indicators.

The relationship between these two price levels indicates that upward trends in Bitcoin often materialise when the average cost of newer investors exceeds that of longer-term holders. This scenario creates increased confidence for speculative buying, likely driving further price increases.

Currently, Bitcoin is trading around $85,000, which lies above the support level but is still unable to breach the critical resistance point at $92,000. Notably, the cost basis levels have been declining over the past two months, signalling reticence or reduced buying from new investors.

Kesmeci emphasises the necessity for Bitcoin to rally past $92,000 to validate strong bullish momentum for a potential market reversal.

In related developments, Ali Martinez reported that Bitcoin ETFs experienced a withdrawal of 1,725 Bitcoin, equating to approximately $146.92 million, which suggests a growing negative sentiment among institutional investors and adds uncertainty to the market. Presently, Bitcoin is trading at $85,249, with a daily price change of 0.89%, a weekly loss of 0.58%, and a monthly gain of 1.06%.

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