Bitcoin traded around $80,700 this week as analyst Doctor Profit warned that the current rebound may be approaching a local top, with another sharp correction still possible. He said Bitcoin’s move toward the $82,000 to $85,000 area matches the projections he shared earlier this year, while bullish positioning has been picking up again through May 2026.
Doctor Profit says he is opening shorts between $82,000 and $85,000
According to Doctor Profit, he has started opening short positions on a daily basis while Bitcoin trades in the $82,000-$85,000 range. He compared the setup to the strategy he used near the 2025 market top, when Bitcoin was trading around $115,000 to $125,000. He said he allocates 10% of trading capital each day to shorts within that zone, while gradually trimming profits from earlier long positions opened near $60,000, $71,000, and $75,000.
He also said retail traders returned aggressively after Bitcoin reclaimed the $76,000 region. In his view, the current rise in bullish sentiment resembles conditions seen before earlier reversals. For that reason, he continues to describe the recovery as a bullish trap.
Bitcoin stays above key moving averages after the February selloff
The broader chart structure still shows Bitcoin trading above major moving averages despite the earlier correction. The report noted that Bitcoin traded above $100,000 in November 2025 before heavy selling pushed the price down to roughly $62,000-$65,000 in February 2026. That slide came with strong volume spikes, a sign of elevated liquidation pressure across the market.
Through March and April, Bitcoin formed higher lows as recovery momentum improved. During April, the MA50 turned upward gradually, while the MA200 stabilized near $76,700. Bitcoin remains above both levels, which many traders use to judge the broader trend.
Resistance sits at $82,000-$86,000 while support holds near $76,000
Based on the chart structure cited in the report, the main resistance zone stands between $82,000 and $86,000. Nearby support is around $76,000, followed by another major level near $68,000. Doctor Profit said bullish sentiment could strengthen over the coming days, but he kept the same core view: the current recovery phase may still be setting up for another downside move.
Volume conditions have normalized since the sharp selloff in February. Even so, Bitcoin is now moving into an area where bullish momentum and overhead resistance are tightening at the same time, leaving traders focused on how price behaves near $86,000.