- Bitcoin struggles below EMA50 at $85.3K as bulls attempt to reclaim momentum amid a tightening descending channel.
- A breakout from the current consolidation pattern could spark a powerful rally toward $107K, echoing past bullish cycles.
- BTC holds key support near $82K while volume stays low, making the next move critical for determining short-term trend direction.
Bitcoin continues its struggle to reclaim bullish momentum, hovering near $84,000 as bulls face stiff resistance at the EMA50. The digital asset has moved within a descending channel since late 2024, testing investor patience as per analyst Captain Faibik. Price action shows repeated attempts to break out, yet key levels remain unchallenged. The 200-day moving average has proven difficult to cross since February. Besides, the lower channel boundary remains intact, supporting the current structure.
Bitcoin’s failure to break above $85,300 signals market hesitation. However, recent price rebounds from $76,000 lows suggest growing buyer interest. The current price hovers between $83,000 and $84,000, forming a narrow range. Hence, traders remain alert for signs of a breakout or rejection. Moreover, volume remains subdued, signaling caution among market participants.
Multi-Year Trend Reveals Bullish Patterns
A broader technical view from early 2023 shown by analyst Javon marks paints a bullish picture for Bitcoin. The chart reveals a stair-stepping structure of consolidations and breakouts. Each consolidation phase has historically led to strong upward surges. Additionally, six major consolidation zones have developed since 2023, with each breakout reaching new cycle highs.
The latest pattern began in late 2024 and now approaches its apex. It features a descending resistance line and flat support between $78,000 and $82,000. Historically, such formations led to sharp gains. Consequently, traders expect a powerful move if Bitcoin breaks above resistance. Moreover, the pattern fits the past five bullish setups that delivered double-digit gains.
Critical Price Levels Define Near-Term Action
Currently, Bitcoin must close above the EMA50 near $85,300 to reclaim its bullish posture. Besides that, breaking the descending channel’s upper boundary remains essential. On the upside, the target zone stands near $107,000, offering over 34% potential gains. A breakout could trigger rapid buying, fueled by historical trends and technical confirmation.However, failure to breach this resistance could lead to another test of the $80,000 level. Additionally, historical patterns strongly favor bulls, but confirmation remains necessary. In the coming days, Bitcoin’s reaction at resistance could define the next phase of its cycle.
