- Bitcoin is resisting at $86K, RSI shows weak momentum and space for further pullback.
- As market pressure and uncertainty rise, BTC prices fluctuate between $65K and $ 86 K.
- A symmetrical triangle on BTC’s chart shows indecision, with the possibility of a breakout at $86K or a continued downward move.
The price of Bitcoin continues to struggle with a downtrend line with lower highs and lower lows. The Relative Strength Index (RSI) does the same; it has recently attempted to break out but cannot hold above key resistance levels.
Price Action and RSI Trends
The Bitcoin price action is south, below the key resistance of $86,000. The market is under strain since BTC is moving between $65,000 and $86,000. Negative movement is also shown by the RSI indicator, which reflects weak momentum in the market.
According to Rekt Capital, Bitcoin’s price is encountering strong resistance along the descending trendline. He has provided additional insights, showing that BTC recently attempted to break out but faced rejection. The RSI, which briefly moved above its trendline, has now pulled back below resistance. His analysis indicates that BTC needs a strong push to break above its current price structure.
Source: Rekt Capital
He has also pointed out that RSI remains below the 40 level, signaling persistent selling pressure. If RSI successfully reclaims the trendline, it could indicate strength returning to the market. Rekt also mentioned that a failure to hold above the resistance could lead to further declines toward $74,000 or lower.
Symmetrical Triangle Formation in BTC Market
Marzell has presented a comparative analysis, identifying a symmetrical triangle pattern forming on Bitcoin’s price chart. The price is converging into a tight wedge, with key resistance near $86,038. His data suggests that this pattern reflects market indecision, and traders are closely watching for a breakout.
He has also noted that point E of the pattern aligns with the 0.618 Fibonacci retracement level. This area represents a reaction zone where a breakout or fakeout could occur. He has provided further insights, explaining that BTC’s price needs to close above this resistance for a sustained bullish move.
Source: Marzell
Besides, Marzell has highlighted that a breakdown below the lower boundary of the triangle could trigger more downside. His findings indicate that market participants are monitoring both the resistance and support levels for confirmation. If Bitcoin holds its current trend, a decisive move could follow soon.
