Bitcoin Struggles to Break $86,000 Resistance Amid Market Volatility
Bitcoin (BTC) remains unable to reclaim the $85,000-$86,000 range despite recent volatility. Analysts suggest a potential breakout could occur soon.
Bitcoin Price Trends
- BTC traded between $83,000-$86,000 last week, recovering from below $80,000 early in the month.
- Price recovery followed US President Trump's 90-day tariff pause on over 75 countries.
- BTC tested $78,500 as support and is compressing between this level and downtrend resistance.
- Market watcher Daan Crypto Trades indicates BTC is retesting critical price regions.
- Current upward movement may target the $90,000-$91,000 barrier.
- Low trading volumes expected during the Easter weekend may limit significant price swings.
Key Levels for Bitcoin
- Analyst Sjuul highlights BTC is below the 50-day EMA, which has been pivotal for previous bull runs.
- BTC has fluctuated between $78,000-$95,000 since March, with the 50 EMA acting as resistance.
- A breakthrough above $85,000-$86,000 could propel BTC over $90,000.
- Current price action resembles May 2021, prior to a major bull run.
- Strong spot buying pressure needed to overcome resistance at the 50 EMA and liquidity wall at $87,000.
As of now, Bitcoin trades at $84,521, reflecting a 1.2% weekly increase.