Bitcoin is facing a pivotal moment as analysts identify $75,000 as the first major support level to watch if the current accumulation zone breaks down, according to Glassnode. The cryptocurrency analytics firm said long-term investors are encountering strong cost-based resistance between $83,000 and $86,000, where roughly 1.07 million BTC was purchased, with costs most heavily clustered around $85,000.
Glassnode noted that buyers continue to accumulate at current levels, but maintaining this emerging zone is critical for the short-term outlook. If selling pressure intensifies below that zone, the first major support sits near $75,000, and a deeper correction could extend toward $60,000.
The latest selling pressure followed hotter-than-expected US inflation data. The Producer Price Index rose 5.4%, above the 5.3% forecast and the highest in two months, pushing market expectations for a Federal Reserve rate hike in September from 62.2% to 70%, according to the FedWatch Tool. Bitcoin subsequently slipped to around $76,000.
Chinese crypto analyst Garrett Jin said Bitcoin's consolidation is not over. He views $82,500 as a key resistance that must be broken and held with strengthening spot buying before targeting $83,000 to $86,000. On the downside, he identifies $76,000 to $77,000 as first support, followed by $74,000 to $75,000 and then $72,000 to $72,500. Jin also assigns about a 70% probability that $60,000 was the cycle bottom.
Analyst Killa offered a more measured view, suggesting any pullback may be limited. Even if Bitcoin corrects, it might fall only briefly below $70,000. If $73,000 to $75,000 holds, Bitcoin could rise again toward $85,000. In a worst-case scenario, capitulation above $69,000 remains possible.
