Bitcoin is approaching a critical price zone as analyst Doctor Profit outlined new short positions between $83,000 and $85,500, while markets prepare for the April 29 FOMC meeting. The outlook follows recent price recovery toward resistance levels, combining technical signals, trader positioning, and macro timing.
High-Level Short Orders
According to Doctor Profit, the $79,000 to $84,000 range was a key short area. However, he shifted the majority of his short orders higher — over 90% now sit between $83,000 and $85,500. He said this adjustment reflects expectations of further upside before a reversal. He added that profits from a $71,000 long position will be taken within that range. At the same time, he plans to increase exposure to an existing $120,000 short position. He also noted that price could approach $87,700, which sits near a key reference level.
Bitcoin Trapped Between Resistance and Support
Bitcoin currently trades below major resistance. Immediate resistance stands at $78,500, while the main breakout zone lies between $79,500 and $80,000. A move above this area could push price beyond $82,000. However, support holds near $76,000 to $77,000, with stronger backing around $74,000. If price fails to hold above these levels, a deeper retracement may follow. This structure keeps the market within a defined range.
Mixed Momentum Signals
Momentum indicators remain mixed. The RSI sits at 48.85, below its average of 54.25, indicating weakening strength. The MACD remains slightly bullish, though the narrowing histogram suggests fading momentum. This backdrop makes the market more dependent on external triggers for direction.
FOMC Meeting Adds Uncertainty
Attention now shifts to the April 29 FOMC meeting. According to calendar data, markets expect no rate changes during the session. However, the event carries added weight as Jerome Powell approaches the end of his term. Kevin Warsh is widely expected to take over as chair in June. Some market participants expect a more dovish stance under his leadership. Despite that, expectations for immediate policy changes remain limited. The meeting outcome could be a catalyst for Bitcoin's next move, especially if Powell's remarks or officials' statements shift rate path expectations.