- A bullish continuation towards all-time highs demands Bitcoin to surpass $110,000 along with an enduring crossover of this level.
- A selling pressure scenario may result in price movements that reach between $83,000-$85,000 before another attempt to break out.
- Bitcoin continues to show consolidation according to RSI at 57.28 and the MACD bullish crossover while waiting for definitive bullish signals.
The Bitcoin (BTC/USDT) daily (1D) spot market analysis shows the currency recovering strongly from an earlier downtrend. The spot market resistance area extends between $105,000 and $110,000 because that price point served as a previous peak where BTC suffered from intense selling.
Source:(X)
A break and close above this level could confirm a trend continuation, potentially leading to a new all-time high. A failure to breach this resistance could trigger a market correction with possible price dips reaching $85,000 to $90,000 before trying another breakout attempt.
The previous bear market showed a trendline break that activated a price consolidation phase until it rapidly recovered. An upward price movement indicates robust market demand since prices show rising highs and increasing lows across the uptrend. BTC has the potential to exceed $110,000 and potentially reach a new target above $120,000.
Current Price and Key Levels to Watch
Bitcoin’s (BTC) current price is at $84,194.24, reflecting a 0.5% decline within the last trading session. Bitcoin maintains low market volatility as prices have shown movements between $83,688.61 and $84,876.42 during the 24-hour period. Bitcoin’s base unit value exists solely as 1.00000 BTC with no percentage change indicating a level of stability across its base unit value in BTC.
Source:Coingecko
Bitcoin currently experiences a setback because of recent market appreciation. The price of BTC may continue upward if it stays above $85,000 since such a sustained increase would signal an initial breakout for bull markets leading to potential prices above $86,500. A rising market selling pressure might cause BTC to test the support zone between $83,500 and $83,000 before attempting fresh upward movements.
Technical Indicators Show Mild Bullish Momentum for BTC
The BTC 1- hour chart shows that RSI is currently at 57.28, suggesting Bitcoin is in neutral to mildly bullish territory, with no immediate signs of being overbought or oversold.
Source:TradingView
The MACD shows a positive crossover, with the MACD line slightly above the signal line indicating bullish momentum. Overall, BTC appears to be consolidating with mild bullish bias, but further confirmation is needed for a strong directional move.
