Bitcoin continues to face resistance at $86.8k, posing questions about its potential move. Despite maintaining support above $82k, the cryptocurrency lacks a definitive bullish trend.
Resistance and Key Levels
The BTC daily chart maintains a bearish structure. The On-Balance-Volume (OBV) indicator trends downward since February, indicating persistent selling pressure. Although the Awesome Oscillator (AO) shows waning bearish momentum, optimism remains distant. Breaking above the $86.8k resistance could spark potential growth, while a dip below $83k might intensify bearish momentum. Bitcoin has formed a range with a mid-level at $86.9k, shifting between resistance and support recently.
On-Chain Metrics and Heatmap Insights
While bearish outlooks dominate technically, on-chain metrics provide hope. Long-term holders continue to HODL rather than sell. The 2-week liquidation heatmap indicates the nearest significant liquidity cluster at $88k, with the $83k zone weaker, though substantial volumes exist at $80k, slightly distant from current pricing.
What’s Next for Bitcoin?
If Bitcoin flips the $86.8k resistance into support, it may offer a safer entry point for bullish traders. However, the liquidation heatmap suggests caution, as $88k could attract price action before facing bearish rejection. Traders should monitor reactions at both $86.8k and $83k closely.
Bitcoin's attempt to breach $86.8k remains crucial for traders to monitor. A breakout above this level could bolster bullish sentiment, while a retreat would emphasize persistent selling pressure.
