Bitcoin is stuck in no-man’s land after the recent bounce from the $77K low. The 200 MA (red) is proving to be a stubborn ceiling, with price grinding just below it around $83.6K. Bulls have made progress, but the lack of volume on the bounce suggests they might be running out of gas.
It’s a classic "show me the money" situation – without stronger buying pressure, this could just be a dead-cat bounce. The $85K zone, which should have been support, is now acting like a brick wall. If price can’t reclaim that level soon, the door is wide open for another trip down to $77K.
On the flip side, a clean break above $85K would likely send Bitcoin straight toward $91K – but the bulls need to wake up first. RSI is hovering in neutral territory, reflecting hesitation. The next few days will tell us whether this is just a pit stop before higher prices – or the start of another leg down.
It’s a classic "show me the money" situation – without stronger buying pressure, this could just be a dead-cat bounce. The $85K zone, which should have been support, is now acting like a brick wall. If price can’t reclaim that level soon, the door is wide open for another trip down to $77K.
On the flip side, a clean break above $85K would likely send Bitcoin straight toward $91K – but the bulls need to wake up first. RSI is hovering in neutral territory, reflecting hesitation. The next few days will tell us whether this is just a pit stop before higher prices – or the start of another leg down.
scott.melker@texaswestcapital.com
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.
scott.melker@texaswestcapital.com
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.