Bitcoin continues to navigate a messy consolidation range between $80,000 and $89,000, with the current price hovering around $84,002. This choppy price action reflects market indecision following the significant decline from the $100,000 area in late January. Despite the lack of clear direction in the short term, the higher probability move appears to be to the upside, with potential targets near the orange resistance level at $88,786. Supporting this bullish bias is the strong bounce from the March lows around $76,500 (highlighted by the blue support zone), suggesting buyers remain active at lower levels. The recent series of higher lows also indicates strengthening bullish momentum within the range. Traders should watch for a decisive break above the current congestion area, which could accelerate the move toward the upper resistance and potentially open the path for a retest of the psychological $90,000 level.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.