Bitcoin price briefly pushed back above $87,000 yesterday, but the move did not hold. At press time, BTC is trading below $85,000, around the mid-$84,000s, after reaching an intraday high above $87,100 on October 2.
That failed push is exactly the kind of setup analyst CryptoCon is watching.
His latest volume-profile chart shows Bitcoin entering a broad resistance zone between $84,000 and $98,000. In his view, BTC may have trouble escaping that area cleanly, and a rejection could eventually send price back into a much lower support range.
What you'll learn 👉
Bitcoin Is Running Into a Huge Resistance Zone
CryptoCon’s chart divides Bitcoin into three major volume areas.
The first and most important one right now is $84,000-$98,000.
This is where Bitcoin currently sits, and the chart shows a large amount of historical trading activity across that region.
That matters because high-volume zones often become difficult areas for price to move through. Many traders previously bought or sold there, which can create a lot of supply when BTC returns.
CryptoCon believes $84,000 marks the start of strong resistance, while a decisive move above $98,000 would change the picture completely.
In his view, if Bitcoin breaks through $98,000, there is much less resistance standing between BTC and new all-time highs.
Until then, however, he thinks Bitcoin could remain trapped.
Read also: BTC Could Be Setting a Massive Trap For the Bulls
$57K-$80K Remains the Bigger Support Zone
The second major region on his chart sits between $57,000 and $80,000.
CryptoCon considers this a very strong support area because of the amount of historical volume traded there.
His base case is that the Bitcoin price may eventually revisit at least part of this range.
That does not necessarily mean BTC has to fall all the way to $57,000. Even a move back toward the upper-$70,000s would put price inside the zone again.
This is the part of his outlook bulls probably will not like.
Bitcoin has been pushing higher into October, but CryptoCon believes the current $84K-$98K area could be more of a ceiling than the beginning of an immediate move to new highs.
Could Bitcoin Fall Toward $47K
His more aggressive scenario goes even lower.
If Bitcoin breaks below the $57K-$80K support region later in the year, CryptoCon highlights approximately $47,000 as the next major support level.
That level sits near another heavy volume area on the chart and would represent a much deeper cycle correction.
It is not his first target, but it remains part of the bearish scenario he is considering.
The structure is therefore fairly simple:
- $84K-$98K: major resistance
- $57K-$80K: strong support
- $47K: deeper support if the lower range fails
What Bitcoin Needs to Do Next
Bitcoin’s rejection from above $87,000 does not prove CryptoCon is right, but it shows why the current region deserves attention.
BTC reached $87,128 yesterday before finishing the session back near $84,500.
If Bitcoin can reclaim the upper-$80,000s and continue toward $98,000, CryptoCon’s bearish setup would start weakening.
If BTC keeps failing inside this zone, however, the possibility of another move toward the $57K-$80K range becomes much harder to ignore.
For now, Bitcoin is caught exactly where CryptoCon expected the real resistance to begin.
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