- Bitcoin failed to break the $85,500 resistance once again, continuing its sideways movement between key support and resistance levels.
- The $78,000 Golden Line has proven to be a reliable support, triggering bounces and halting downward movement in recent sessions.
- A potential breakout above $85,500 could signal a shift to bullish sentiment, while a drop below $78,000 may lead to further declines.
Bitcoin continues to trade within a defined range, facing consistent rejection near resistance while holding steady above strong support.
Resistance Holds as Bitcoin Fails to Break Above Key Moving Average
According to analyst Doctor Profit, Bitcoin has once again failed to break above a longer-term moving average, likely the 200 EMA or SMA. In a recent post, he noted, “Bitcoin failed to breakout and was rejected once again… all eyes on this chart.” The price continues to meet resistance at this moving average, with repeated rejections marked on the chart.
This dynamic resistance level has held strong, with each attempt resulting in a pullback. These reactions confirm bearish control around that price zone, as the market respects the trend line’s influence. The pattern points to cautious sentiment with no sustained move above resistance yet.
Golden Line Acts as Strong Support in Sideways Pattern
Despite multiple failed breakouts, Bitcoin remains supported by a horizontal trend line labeled the “Golden Line” at $78,000. Doctor Profit describes this level as a “robust support zone,” with price consistently rebounding from this base. The latest bounce triggered a rally, though it stalled near the moving average.
This range has formed a compression pattern, as the support holds and resistance stays firm. The current market behavior suggests that traders are waiting for a decisive move. Until then, the structure signals ongoing consolidation within defined technical levels.
Bitcoin’s price currently stands at $84,054.13, showing a 0.14% decline over the last 24 hours. However, the asset has gained 3.90% over the past seven days.
Breakout or Breakdown Could Shape Next Move
The chart shared by Doctor Profit illustrates two converging lines—resistance from the moving average and support from the Golden Line. This setup often precedes a breakout or breakdown. As he notes, “The current status quo is a sideway move between the Golden Line (78k) and the resistance (85.5k).”
A confirmed break above the moving average may shift sentiment and open room for a bullish move. Conversely, a breakdown below the support could invite further downside pressure. Until then, Bitcoin remains range-bound as market participants watch these levels closely.
