The price trend of Bitcoin in recent days has been characterized by a tight trend. Strengthening and weakening of momentum. After recovering from a drop to around $85,000 last week, Bitcoin has been trading most of the time between about $87,500 and $89,000, struggling to build a sustained move in either direction.
This continued indecision has led to technical commentary by a crypto analyst known as DrBullZeus stating that Bitcoin is now trapped within a well-defined range. A decisive breakout may be necessary Before the next direction is clear.
Bitcoin will continue to respect clearly defined boundaries
According to the analysis, Bitcoin is still trading within clearly defined ranges, repeatedly bouncing between the same support and resistance zones. These zones are highlighted in the 1-hour candlestick timeframe chart below, which shows Bitcoin price fluctuating between a lower support area around the mid-$87,000 area and an upper resistance band just below $90,000.
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Multiple daily candlesticks tested both zones without sustainable production This reinforces the idea that neither the bulls nor the bears have complete control at the moment. Short-term breakouts quickly stall, pullback failed Develops into deeper modifications. This type of price action suggests an equilibrium, with buyers intervening near support and sellers guarding resistance to limit price movements.
A key level that will determine your next big move.
According to technical analysis, Bitcoin’s next direction will depend on how the price reacts around two well-defined levels. The resistance zone just below $90,000 is the main hurdle to the upside.
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A clean break out of this area and a sustained hold would mean that buyers could eventually gain control and push it up to the $92,000 level highlighted on the chart. Recent attempts to move higher have stalled in this zone, which is why a decisive breakout is likely to inject fresh momentum and turn near-term sentiment from range-bound to bullish.
On the downside, support in the $87,000 range still acts as a buffer against further losses. As long as this level continuesthe range structure between support and resistance remains intact. However, a clear loss of this support will quickly turn short-term sentiment from range-bound to bearish. This leaves Bitcoin exposed to a move back towards the $85,000 area, where there was strong demand in early December.
At the time of writing, Bitcoin is trading at $89,690, up 1.1% over the past 24 hours. The latest price movement is formed by a rebound from the intraday low near $87,655, a level that roughly coincides with the support zone highlighted by technical analysis, reinforcing its importance in the current market structure.
Featured image from Pixabay, chart from Tradingview.com
