23 hours ago
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Bitcoin Trades Between $87,500 and $89,000 Amid Potential Breakout
The recent price action of Bitcoin shows tight consolidation between $87,500 and $89,000, indicating fading momentum. A crypto analyst, DrBullZeus, highlights that Bitcoin is in a defined range and needs a breakout for a clear directional move.
Current Price Range
Bitcoin trades within a well-defined range, with support around the mid-$87,000s and resistance just below $90,000. Multiple attempts to break this range have stalled, suggesting neither bulls nor bears have control. This indicates equilibrium, where buyers step in at support and sellers defend resistance.
Key Levels to Watch
- A breakout above the $90,000 resistance could push prices toward $92,000, indicating bullish momentum.
- If the $87,000 support fails, sentiment may turn bearish, potentially leading to a drop back to $85,000.
Currently, Bitcoin is trading at $89,690, reflecting a 1.1% increase over the past 24 hours. The price rebounded from an intraday low near $87,655, aligning with the identified support zone.
