Bitcoin (CRYPTO: BTC) is approaching a critical technical resistance that could determine whether its extends its recovery toward $78,000 or retreats deeper.
Multiple Resistance Levels
In a detailed X post on Aug. 10, crypto analyst Doctor Profit identified $65,400 as Bitcoin’s immediate resistance. He noted that BTC has repeatedly moved above the level in recent weeks only to suffer fake outs.
The trader stressed that merely producing an intraday candle or wick above $65,400 wouldn’t constitute a meaningful breakout.
Instead, he wants to see multiple weekly closes above the resistance to confirm the move.
“If we break out above $65,400 and can see several weekly closes above, the doors for $77,000-$78,000 will be open,” Doctor Profit said.
A confirmed move would represent a break of what he considers the second major resistance zone of the current Bitcoin bear market.
Beyond $77,000-$78,000, the trader identified roughly $83,000 as another major resistance area.
What If Bitcoin Gets Rejected?
Doctor Profit predicts that a failure to overcome $65,400 would produce a considerably different setup. He expects another rejection to potentially send Bitcoin quickly toward $61,500.
Further weakness could extend the decline toward $54,000, which sits at the bottom of the trader’s preferred accumulation range.
“Bottoms don’t form within days or weeks,” he said, arguing that the process can sometimes take several months.
