- Bitcoin battles key support near $90K; reclaiming it may fuel bullish momentum, while failure risks a drop toward $74K.
- Volatility surges as BTC dips below range low, with traders watching $90,836.2 for a decisive breakout or further downside.
- Market remains cautious as BTC consolidates; reclaiming key levels could spark gains, but weakness invites more selling pressure.
Bitcoin has been trading with high volatility near a crucial support level. According to Daan Crypto Trades, BTC is currently sitting above the Daily 200MA/EMA but remains below the previous range low of $90,000.
This level serves as a major pivot point, influencing future price action. If BTC reclaims $90,000 and holds, it could revisit its all-time high. However, a sustained move below $80,000 could trigger a test of the $74,000 region. Traders remain cautious as they wait for a decisive breakout.
Market Struggles at Key Resistance Levels
BTC/USDT on the Bybit exchange shows the price moving within a structured range. The range high stands at $108,493.2, while the range low is at $90,836.2. Recently, BTC dipped below this lower boundary, forming a potential deviation before attempting to reclaim lost ground. A drop occurred as price action breached the range low, triggering increased volatility. The price has since rebounded but struggles to confirm a return above $90,836.2.
The price currently trades near two key moving averages, acting as dynamic support levels. Increased trading volume suggests market participants are actively engaged during these volatile swings. If BTC successfully reclaims $90,836.2, bullish momentum could accelerate. However, failure to confirm support at this level may invite further downside pressure.
Potential Scenarios for BTC Price Action
The deviation below the range low suggests liquidity absorption, where buyers tested demand before a possible reversal. Historically, Bitcoin has shown strong reactions at these levels. If it establishes support above $90,836.2, bullish sentiment could strengthen. This scenario may lead BTC to retest the range high.
Conversely, if BTC remains below $90,836.2, selling pressure could persist. This may cause the price to trend lower toward the $74,000 region. The market structure highlights past interactions with these boundaries. Rebounds from the range low have previously sparked recoveries, while movements above the range high have led to rejections.
Currently, BTC trades at $84,833.4, reflecting a bearish daily performance of -1.57%. The market remains in consolidation following recent volatility.. A confirmed breakout above resistance could set the stage for further gains, while continued weakness may lead to additional losses.
