Bitcoin Price Outlook Signals Potential 5% Move as BTC Holds Key Support Near $77K

Bitcoin continued trading in a tight range near the $77,000 level on Thursday, with analysts expecting a sharp price move in the near term. BTC struggling to break out as leveraged positions built up around key price zones between $76,500 and $78,000.

Several traders believe Bitcoin could soon see a move of at least 5% as volatility returns after days of sideways trading. Analysts tracking liquidation data noted that bearish traders have absorbed most of the recent losses, signaling pressure on short positions.

Bitcoin Market Structure Remains Bullish

BTC holding above the $74,000 support area keeps the overall market structure intact, making aggressive short positions risky at current levels.

A decline in Bitcoin open interest alongside rising prices has also been interpreted as a sign of short liquidations rather than weakening demand.

US-Iran Tensions and Oil Prices Impact Bitcoin Sentiment

Broader macroeconomic pressure continues influencing crypto markets. Oil prices climbed back toward triple digits as uncertainty surrounding U.S.-Iran negotiations and Strait of Hormuz shipping risks remained unresolved.

However, easing bond yields and hopes for a diplomatic agreement have improved expectations for risk assets. Some analysts believe lower yields could support another rally in Bitcoin if geopolitical tensions ease.