Bitcoin is at a critical juncture, hovering between two major price points that could determine its next big move. Buyers and sellers are engaged in a fierce battle, and the market is now waiting for a decisive break. A break above the key resistance could open the door to $107,000, while weak support risks further decline towards $71,000.
Bounce scenario: return to pink box and downtrend line
Camille Ouray’s latest work update Regarding Bitcoin, he noted that BTC failed to sustain above the $90,720 level on the hourly chart, triggering the expected decline. decline. The first immediate support is currently at $87,644, while deeper support lies between $83,822 and $82,477. If buyers are able to successfully defend this zone, Bitcoin could attempt further gains towards the pink box area and retest the downtrend line overhead.
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Ouray explained that a sustained move above the pink box resistance on the daily time frame would open the door for Bitcoin to challenge the blue downtrend line. A confirmed breakout from this area could strengthen the bullish momentum and push prices towards the next major phase. resistance level $98,200 and $107,500. A breakout of $107,500 along the downtrend line would be a strong signal that the broader uptrend is poised to continue.
However, she cautioned that the market would be volatile if the daily closing price fell below $82,477. market structure With further weakness heading in, Bitcoin is at risk of falling back to lower levels. Still, Uray highlighted one key area of strength: the $74,496 to $71,237 zone. This region represents a major breakout top from November 2024 and is considered strong historical support. This is an area where buyers could step in aggressively and set the stage for a rally. Reversal.
Bitcoin price rejection in $93,000-$95,000 zone
According to For Crypto Candy, Bitcoin’s latest price trend is unfolding exactly as expected. After facing a rejection at the $93,000-$95,000 resistance zone, BTC plunged and almost reached the expected support range of $86,000-87,500. This move reflects a broad market reaction to a large market. sale Pressure near the upper resistance band.
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Crypto Candy highlighted that the $86,000 to $87,500 zone is currently serving as an important pivot area. If buyers are successful in defending this support and the price stabilizes above it, Bitcoin could return to the $93,000-$95,000 range or even exceed it.
Like that rebound This would indicate new bullish momentum and set the stage for another attempt to break higher resistance levels. However, the analyst also warned that it may not be able to maintain the $86,000-$87,500 level. support This could lead to deeper price movements. If this level breaks, bearish pressure will increase and Bitcoin could fall to the lower price range within the next few days.
Featured image from Pixabay, chart from Tradingview.com
