Bitcoin Surpasses $88,000 with Nearly 10% Weekly Gain
Bitcoin has shown strong upward momentum, regaining the $88,000 price level and achieving a nearly 10% increase over the past week. This recovery follows a period of selling pressure that caused price declines.
On-Chain Resistance Zones Identified
According to IntoTheBlock, several critical resistance ranges may affect Bitcoin's price, including:
- $88,355.91 to $90,920.05
- $90,920.05 to $93,591.02
- $93,591.02 to $96,262.00
- $96,262.00 to $98,932.97
- $98,932.97 to $101,603.95
At approximately $97.4K, around 1.44 million BTC are held by investors at a loss, which could lead to selling pressure as prices recover. Despite this, investor confidence is indicated by over $220 million in net outflows from centralized exchanges in 24 hours, totaling more than $424 million for the week.
Bitcoin's 30-day volatility index reached 52.31 points, its highest in six months, coinciding with anticipation surrounding the upcoming US Core PCE report.
Technical Outlook On Bitcoin
Analysts are divided on Bitcoin's next steps:
- Bitcoin is approaching a key resistance zone around $89,000, where the 50-day moving average meets a descending trendline.
- A potential breakout pattern has been identified, reminiscent of previous rapid bullish moves.
Analyst Javon Marks suggests if momentum continues, Bitcoin may be set for another quick rise towards new all-time highs.
