Bitcoin is approaching a critical price zone as Polymarket traders give it a 73% chance of hitting $80,000 before the end of April, a sharp jump from odds of around 60% earlier this month. The prediction market data, shared by Cointelegraph, reflects growing bullish sentiment as BTC trades near the key $80,000 level. This psychological target is seen as both a potential breakout point and a zone where traders closely watch for strong buying or rejection.
Meanwhile, analyst Doctor Profit has outlined a short strategy targeting the $83,000 to $85,500 range, placing over 90% of short orders there. He expects further upside before a potential reversal, noting that profits from a previous $71,000 long position will be taken within that range. He also plans to increase exposure to an existing $120,000 short position, with the possibility of price reaching $87,700 near a key reference level.
Bitcoin currently trades within a defined range, with immediate resistance at $78,500 and a major breakout zone between $79,500 and $80,000. A move above this could push the price beyond $82,000. Support holds near $76,000 to $77,000, with stronger backing around $74,000. Momentum indicators show mixed signals, with the RSI at 48.85 (below its average of 54.25) and the MACD slightly bullish but with a narrowing histogram suggesting fading momentum.
Attention now shifts to the April 29 FOMC meeting. Markets expect no rate changes, but the event carries added weight as Jerome Powell approaches the end of his term, with Kevin Warsh widely expected to take over as chair in June. Some market participants expect a more dovish stance under his leadership, though immediate policy changes remain limited.
