Bitcoin is at a crucial crossroads, hovering between two major price zones that could determine the next big move. Buyers and sellers are locked in a fierce battle and the market is now waiting for a decisive breakout. A push above key resistance could open the door to $107,000, while weakness near support risks a deeper decline to $71,000.
Bounce Scenario: A return to the pink box and a declining trendline
Kamile Uray, in her latest update on Bitcoin noted that BTC failed to hold above the $90,720 level on the hourly chart, which was the expected reject. The first immediate support is now at $87,644, while deeper support is between $83,822 and $82,477. If buyers successfully defend this zone, Bitcoin could attempt another climb into the pink box region and retest the descending trendline overhead.
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Uray explained that a sustained move above the pink box resistance on the daily time frame would open the door for Bitcoin to challenge the descending blue trendline. A confirmed breakout from this area could strengthen bullish momentum, pushing price towards the next big one resistance levels for $98,200 and $107,500. A break above $107,500 next to the descending trendline would be a strong signal that the broader uptrend is ready to continue.
However, she warned that a daily close below $82,477 would move the price market structure towards further weakness, putting Bitcoin at risk of heading to lower levels again. Still, Uray highlighted one key strength: the $74,496-$71,237 zone. This region represents the key breakout summit of November 2024 and is considered strong historical support. This is an area where buyers can move aggressively, potentially paving the way for an increase reversal.
Bitcoin price rejection in a zone of $93,000 – $95,000
According to According to Crypto Candy, Bitcoin’s latest price action was right in line with expectations. After being rejected at the $93,000-$95,000 resistance zone, BTC fell sharply and almost reached the expected support range of $86,000-$87,500. This move reflects the broader market’s reaction to heavy to sell pressure near the upper resistance band.
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Crypto Candy highlighted that the $86,000-$87,500 zone now serves as a crucial pivot area. If buyers successfully defend this support and the price stabilizes above it, Bitcoin could move towards the $93,000-$95,000 range again, or even go further.
Such a recovery would signal renewed bullish momentum and pave the way for another attempt to break higher resistance levels. However, the analyst also warned that failure to hold the $86,000-$87,500 support could trigger deeper downside. If the level falls, Bitcoin could slide into lower price zones in the coming days as bearish pressure increases.
Featured image from Pixabay, chart from Tradingview.com