Buy Or Sell Bitcoin Now? Analyst Reveals Ultimate Bias Guide

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Bitcoin price analysis

In an analysis released to his 280,000 followers on X, the renowned crypto analyst known as Cold Blooded Shiller (@ColdBloodShill) provided an in-depth look at the current state of Bitcoin amidst a volatile market environment. His commentary, titled “Ultimate BTC Simple Bias Guide,” unpacks the recent emotional reactions triggered by Bitcoin’s price movements and offers a strategic framework for interpreting these changes.

Buy Or Sell Bitcoin Now?

On Friday, the Bitcoin price plummeted from $71,900 to $68,500. This decline coincided with the release of the US Employment Situation Summary Report, a piece of economic data that typically influences market sentiments across various asset classes, including cryptocurrencies. “It’s very easy to forget that it was simply one red candle on Friday that caused a huge reaction in the emotion of the discussion on Twitter,” Shiller writes, emphasizing the often exaggerated emotional response to single events in the crypto markets.

Cold Blooded Shiller’s technical examination of Bitcoin reveals a strong underlying uptrend, despite recent price volatility. However, he identifies critical resistance and support levels that are pivotal to understanding the future movements of Bitcoin’s price.

The $72,000 price level stands as a major resistance, having thwarted Bitcoin’s upward movement five times, including the most recent rejection last Friday. Shiller elaborates, “We have resistance of the range at $72k,” indicating that a breakout above this level could potentially lead to significant bullish momentum.

Conversely, the support levels at $67,000 and subsequently at $61,000 are described as crucial for maintaining the bullish scenario. Shiller warns, “BTC needs to hold the uptrend, if we lose $67k, we’re once again going to be in a downtrend with this being confirmed as a LH [Lower High] and therefore negative market conditions continuing.” The further loss of $61,000 could, according to him, signal the end of the current bullish cycle, with implications that could extend to a broader weekly downtrend.

Bitcoin price analysis
Bitcoin price analysis | Source: X @ColdBloodShill

Analyzing the broader market dynamics, Shiller points out the absence of high time frame (HTF) bearish divergences on the Relative Strength Index (RSI), a common indicator used to predict potential market reversals. “As a positive, there are no HTF bear divs, which have typically been a strong signal for cycle tops. We’re clean on RSI,” he notes. This observation suggests that despite the testing of critical resistance levels, the market might not yet be at a cyclical peak, providing some reassurance to investors concerned about potential downturns.

Shiller’s guidance for traders is to maintain a watchful eye on the key price levels that will dictate Bitcoin’s short-term market direction. “The Daily needs to make a fresh high and break $72k; otherwise, it’s at risk of losing the Daily trend below $67k,” he advises, highlighting the importance of these thresholds in shaping market sentiment and trading strategies. This advice suggests that while the broader trend may still support a bullish stance, readiness to pivot based on key technical indicators is crucial.

In light of these observations, Shiller advises his followers to use these insights to strategically manage their investment portfolios. The current market conditions, characterized by attempts to break resistance at $72,000 and support holding at key lower levels, imply a tactical approach to investment decisions. Traders and investors are advised to set clear markers for adjusting their positions, preparing for potential shifts in market dynamics that could influence their investment outcomes.

At press time, BTC traded at $69,484.

Bitcoin price
Bitcoin price hovers above key support, 1-day chart | Source: BTCUSD on

Featured image created with DALL·E, chart from

Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with and, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it’s a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.

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