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NewsBTC 2026-05-29 14:00:36

Bitcoin Has Hit A Ceiling, Analyst Says No Buying Until Price Hits This Level

Bitcoin has hit what one analyst describes as a major ceiling after losing the support level that held the market together for months. Following a failed push toward $83,000, the analyst now believes buying Bitcoin at current prices carries more risk than opportunity. Instead, he points to a much lower target, a level where buyers may finally step back into the market with conviction. Bitcoin’s Former Support Has Turned Into Resistance The analyst’s outlook centers on the collapse of the $80,500 area, a level that previously acted as the backbone of Bitcoin’s trading range for months. During earlier pullbacks, buyers repeatedly defended that zone and helped stabilize price action, allowing Bitcoin to recover and attempt new highs. That dynamic now appears to have reversed. Related Reading: Can The Ripple Banking License Serve To Push The XRP Price To $25? After briefly climbing toward $83,000 in May, Bitcoin failed to maintain momentum and quickly lost strength. The rejection created what the analyst described as a bull trap, where buyers entered expecting a breakout only for the market to reverse sharply lower. Since then, the same price region that once attracted demand has started functioning as resistance. This suggests that buyers who previously defended the area are either exhausted or stepping aside, while sellers are becoming increasingly aggressive on rebounds. According to the analyst, this shift explains why recent recovery attempts have lacked conviction and faded quickly. The breakdown also exposed how fragile the structure beneath the market had become. Once Bitcoin slipped below the range floor, selling pressure increased rapidly, creating what traders sometimes describe as an “air pocket” — a zone where there is little strong buying interest to slow the decline. Although Bitcoin is still trading above the mid-$70,000 region, the analyst does not believe that area represents a durable floor. Instead, it is viewed as temporary support within a broader downward move that has been developing for months. Why The Analyst Is Watching $60,000 The analyst believes the more attractive entry zone sits much lower, specifically between $60,000 and $62,000. That projection is tied to a Fibonacci extension level near $60,000, which is being treated as the broader downside target of the breakdown structure that began forming earlier this year. Related Reading: XRP Pushing To $100: The Market Cap Conversation Will Go Out The Window If This Happens From the analyst’s perspective, the market has not yet completed its correction. Previous failed rallies near both $97,000 and $83,000 are now being viewed as signs of weakening momentum rather than evidence of long-term strength. The expectation now is that any short-term rebound could run into renewed selling pressure below the broken $80,500 barrier. Until Bitcoin either reclaims that level convincingly or falls into the projected lower demand zone, the analyst sees little justification for aggressively buying the market. That outlook reflects a growing divide among traders. He advises that, instead of buying at the current price, the better entry opportunity could come if Bitcoin falls toward the $60,000 to $62,000 region, where he expects stronger long-term demand to return. Featured image created with Dall.E, chart from Tradingview.com

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