Bitcoin Faces Critical $89,000 Resistance to Trigger Rally

Bitcoin is at a crucial point, closely approaching a liquidity level that might lead to further losses if not supported by buyers. Current momentum is weak, and volatility is decreasing, with attention focused on the $89,000 level which could determine its direction.

Key Points:

Analyst Lennaert Snyder identifies $89,000 as a critical resistance level. A decisive reclaim of this level may trigger a rally towards $93,000.
The $86,000 support remains valid but should only be used for reversal trades. Falling back to this level would indicate buyer weakness.
If Bitcoin falls below $86,000, it could signal a structural breakdown, aiming for the $82,200 range low.
Snyder suggests treating any return to lows as an opportunity for reversal trades, anticipating sellers might push below $80,600.

Risk Management Insights:

Crypto expert Ted Pillows advises strict risk management due to Bitcoin's rejection near $88,000.
Pillows has partially taken profits to reduce exposure, waiting for a clearer market direction.
He plans to increase positions only after Bitcoin turns resistance into support and maintains above it.