Bitcoin (BTC) recently experienced a sharp and aggressive drop below the $78,000 level, filling the CME gap in that region before making a swift recovery. This liquidity grab triggered a strong bounce, pushing the price back above $80,000 in a rapid reversal.
Currently, BTC is trading around the $85,000 level, aligning with the 200-day EMA on both the daily and intraday charts. This key moving average often acts as a dynamic support and resistance zone, influencing price action significantly.
The $86,000 level now serves as a crucial resistance point, and a retest is likely. If BTC fails to break above this level convincingly, a retracement could follow as short-term traders take profits and liquidity gets tested once again.
However, if BTC manages to break and hold above $86,000, the next key resistance zones to watch are in the $88,000–$90,000 range. These levels will likely see increased selling pressure as BTC approaches new all-time highs.
In the short term, we may see a period of consolidation or a minor pullback before another attempt to push higher. A successful breakout above $90,000 could open the door for further price discovery, while failure to hold key support levels could lead to another retracement towards the $82,000–$80,000 range.
Currently, BTC is trading around the $85,000 level, aligning with the 200-day EMA on both the daily and intraday charts. This key moving average often acts as a dynamic support and resistance zone, influencing price action significantly.
The $86,000 level now serves as a crucial resistance point, and a retest is likely. If BTC fails to break above this level convincingly, a retracement could follow as short-term traders take profits and liquidity gets tested once again.
However, if BTC manages to break and hold above $86,000, the next key resistance zones to watch are in the $88,000–$90,000 range. These levels will likely see increased selling pressure as BTC approaches new all-time highs.
In the short term, we may see a period of consolidation or a minor pullback before another attempt to push higher. A successful breakout above $90,000 could open the door for further price discovery, while failure to hold key support levels could lead to another retracement towards the $82,000–$80,000 range.
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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.
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.