- Bitcoin struggles around $85K with potential moves to $89K or $73K.
- Daily 200MA/EMA is a major resistance zone impacting price action.
- Patience is needed for higher timeframe traders; short-term volatility offers scalping chances.
Bitcoin’s price has been caught in a crucial battle around key technical levels, namely the Daily 200MA/EMA and the $85K horizontal resistance. As Bitcoin hovers near these levels, traders are watching closely to see if the cryptocurrency can break through or dip further. The current market conditions suggest two potential scenarios for Bitcoin’s price movement, and traders should carefully consider the surrounding factors.
Critical Price Points: $89K and $73K
According to Daan Crypto trades observation, Bitcoin’s price action has largely been influenced by the struggle around the $85K level. The recent volatility has created a situation where Bitcoin’s next big move could come from one of two areas: either a close above $89K or a drop towards $73K.
A close above the $89K level would likely signal a continuation of bullish momentum, while a drop near $73K might indicate a shift in market sentiment towards bearishness. As Bitcoin’s price interacts with these levels, traders are keen to see if it can maintain its position above key moving averages or if the market will see a pullback.
Daily 200MA and EMA: A Strong Resistance Zone
The area Bitcoin is trading in now has been marked by a significant resistance zone around the Daily 200MA/EMA. This level, along with the $85K horizontal price point, has been a major battleground in recent weeks. Bitcoin has found it challenging to break through this resistance, and the price has fluctuated around this range, with daily volatility providing ample opportunities for short-term traders.
For those looking at higher timeframes, patience remains key. The ongoing consolidation around the $85K level suggests that Bitcoin could take some time before making a decisive move. Traders may need to wait for a confirmed break above $89K or a clear dip toward $73K to enter a position with more confidence.
