BlockBeats report: On August 29, Bitcoin reversed downward over the weekend after breaking above $81,000, pressured by negative news such as Walsh’s remarks. During this period, some traders had previously warned of selling pressure at the $82,000 level, while prominent traders argued that short-term selling pressure was not a major concern. BlockBeats has compiled the key arguments from both bulls and bears on the market’s future direction as follows:
Analyst alicharts stated on the 27th that Bitcoin’s URPD (UTXO Realized Price Distribution) data shows significant resistance in the range of $83,307–$84,569, which could trigger profit-taking and short-term corrections. If a pullback occurs, potential support levels for Bitcoin are at $76,996–$78,258 (with trading volume of 843,000 BTC) and $63,111 (with 925,000 BTC), and a decline to these areas may present the next major buying opportunity.
Renowned trader Killa has been warning of a short-term pullback risk since August 19. However, by comparing the current price action to Bitcoin’s bottom formation in 2022, he expects any post-rally correction to be relatively shallow, with a potential support zone between $70,000 and $73,000. Yesterday, Killa reiterated in a post that Bitcoin will not break above $100,000 this year, as both technical and distribution factors require consolidation. He anticipates the $100,000 level could be reached in Q2 next year.
Jiang Zhuo'er, founder of B.TOP mining pool, holds a similar view to Killa and posted on Friday that both BTC and ETH have broken below their uptrend channels; with no ETF buying over the weekend, this is a weak period for bulls, potentially triggering a downturn. He has currently sold 50% of his ETH spot position at an average price of $2,430.
Regarding this, the live trading star trader "Set 10 Big Goals First" does not believe that selling pressure at $82,000 will pose a threat to Bitcoin’s medium-term price movement. On the 28th, he confirmed that he had already reclaimed two-thirds of his position in the $78,000–$79,800 range. “Before $100,000, it’s hard to see any meaningful pullback. $100,000 is coming soon.”
As of press time, Bitcoin has consolidated after falling to $77,500. Based on aggregated trader insights, a long-term bullish trend for Bitcoin is widely agreed upon; further declines over the weekend or next week may present buying opportunities.