Doctor Profit Calls $76,000 Key Support for Bitcoin (BTC)

Trader Doctor Profit identified $76,000 as key support for Bitcoin (BTC), saying a break below it would raise downside risk but would not end his bullish view.

Doctor Profit said Bitcoin had fallen below the $80,000-$81,000 zone, where its daily 50-day exponential moving average and 50-day moving average had provided support. He previously described a return to Bitcoin's 50-day moving average as a support test.

He said losing $76,000 would hurt bulls and increase the risk of a decline to $67,000-$69,000. In his view, an earlier breakout above $76,000 confirmed the start of the bull market.

Doctor Profit characterized the recent decline as a washout that triggered liquidations and panic selling. He said he continues to hold a long position opened at $80,400 and all the spot Bitcoin he bought at $60,000.

If Bitcoin falls below $76,000, Doctor Profit said he would acknowledge that his bullish call around $80,000-$81,000 was wrong. He said he would not turn bearish, and would still view the decline as a shakeout before another advance.