Adding $10k from its recent low, Bitcoin appeared bullish once again and looks poised for a major recovery on the lower timeframe. However, the price is currently stalled as it decides on the next major direction.
Earlier last week, Bitcoin suspended bearish moves to the $70k region after testing a new multi-month low of $74,508. This came with a major bounce back, and the price increased steadily throughout the week.
Aside from being a sigh of relief for the bulls, the increase generated a lot of positive sentiments in the crypto space, with many altcoins posting significant gains that week. The $86k level has suppressed buying since last weekend, and as we can see, it is now looking stalled under it.
Meanwhile, this key level corresponds with the long resistance line that broke as support in the first week of the month. A rejection there could trigger a fresh decrease capable of rolling us to the suspended region.
If the mentioned low continues to stand firm, we can expect a significant rally to the upside. While this may continue to trap the bears, they could suffer more losses amid rising demand. From a technical standpoint, the bears are still in control in the mid-term despite the recent recovery.
BTC’s Key Levels To Watch
The $85,800 level is now acting as a barrier for the bulls. If they manage to scale through, the 88,765 resistance is the next resistance to watch, along with the $95,000 level.
Should in case of a fresh drop, the close support for a test is $81,135 and $76,606. A drop off the holding $74,508 support could crash the price to a new multi-month low.
Key Resistance Levels: $85,800, $88,765, $95,000
Key Support Levels: $81,135, $76,606, $74,508
- Spot Price: $84,673
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
No Comments