- Bitcoin struggles to hold gains above $86K as mixed signals and repeated rejections suggest ongoing market indecision and consolidation.
- Bullish momentum builds with a breakout from the descending channel, but lack of confirmation keeps traders cautious near resistance.
- RSI recovery and firm support near $78K provide a bullish base, yet failure to flip $86K into support stalls any sustainable rally attempt.
Bitcoin’s price action surged to $85,793 before facing resistance again near $86,000, as bulls test key breakout levels. The flagship cryptocurrency has been moving within a defined range, fluctuating between $78,000 and $85,500 for weeks. On April 15, a potential breakout above the descending channel sparked optimism, yet the latest rejection suggests the fight isn’t over. Momentum indicators hint at a brewing shift, but the confirmation remains elusive.
Breakout or Fakeout? Mixed Signals Raise Caution
Seth_fin’s TradingView chart shows Bitcoin recently broke above a descending channel formed since January 2025. A series of green candles pushed the price past the upper boundary, hitting $85,793. The 1D RSI reading climbed to 54.05, indicating bullish momentum slowly returning. Moreover, projections suggest a path towards $100,000 with higher highs and lows forming. However, the breakout lacks confirmation, leaving room for doubt.
Meanwhile, Doctor Profit’s 8-hour chart shows another perspective. The asset failed to hold above resistance at $85,500. Instead, Bitcoin faced rejection and continued moving sideways within a triangular formation. The chart defines two crucial trendlines: a descending resistance and an ascending support, known as the “Golden Line” near $78,000. This wedge pattern has held firm since early March.
Consolidation Dominates as Traders Eye Key Levels
Bitcoin currently trades near $84,000 with strong market indecision. Despite several attempts, the price couldn’t breach the $86,000 resistance. Buyers stepped in near $78,000 during early April’s dip, creating a solid base. The RSI’s climb from oversold levels adds hope, but the price needs to confirm direction. Consequently, consolidation remains the dominant theme for now.
Additionally, multiple tests of resistance without sustained breakouts indicate sellers still have the upper hand. Price volatility, especially during January, established Bitcoin’s range-bound nature. Unless bulls flip $86,000 into support, the market may continue ranging.
