Bitcoin is currently at a pivotal point, teetering between two significant price levels that could dictate its next significant movement. The tension between buyers and sellers is palpable, as the market anticipates a clear breakout. A successful breach above critical resistance may pave the way to $107,000, while a failure at support could trigger a further decline to $71,000.
Bounce Scenario: Approaching The Pink Box And Descending Trendline
In her most recent update regarding Bitcoin, Kamile Uray highlighted that BTC failed to maintain its position above the $90,720 mark on the hourly chart, resulting in the anticipated drop. The immediate support is now identified at $87,644, with further support zones ranging between $83,822 and $82,477. Should buyers successfully defend this area, Bitcoin might attempt to rise again towards the pink box and retest the overhead descending trendline.
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Uray noted that securing a sustained move beyond the pink box resistance on the daily chart would allow Bitcoin to confront the descending blue trendline. A verified breakout from this level could enhance bullish momentum, driving prices toward key resistance levels of $98,200 and $107,500. Surpassing $107,500 while also breaking through the descending trendline would signal robust potential for the continuation of the broader uptrend.
Conversely, she cautioned that a daily close below $82,477 would alter the market structure, leading to increased vulnerability for Bitcoin to revisit lower levels. Nevertheless, Uray underscored a critical area of strength: the $74,496–$71,237 zone, which represents the key breakout peak from November 2024 and is recognized as a strong historical support zone. In this vicinity, buyers are likely to react decisively, potentially setting up for an upward reversal.
Bitcoin Price Rejection At $93,000–$95,000 Zone
As per Crypto Candy, the recent price movements of Bitcoin have been unfolding as anticipated. After encountering rejection in the $93,000–$95,000 resistance zone, BTC saw a notable dip, almost reaching the anticipated support range of $86,000–$87,500. This downturn mirrors the overall market’s response to substantial selling pressure near the upper resistance limits.
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Crypto Candy emphasized that the $86,000–$87,500 zone is now a vital pivot point. Should buyers successfully defend this support and stabilize prices above it, Bitcoin may revisit the $93,000–$95,000 area or even push beyond it.
Such a bounce would signify a revival of bullish momentum and prepare for another attempt at overcoming higher resistance levels. However, the analyst also noted that failing to hold the $86,000–$87,500 support could lead to a deeper decline. If this level breaks down, Bitcoin might descend to lower price territories in the forthcoming days as bearish pressures increase.
Featured image from Pixabay, chart from Tradingview.com
