Bitcoin stands at an important resistance level of $91.2K. A potential decline could reach the year-long average and former resistance at $73.7K. At the same time, strong support is held at $75,602, which aligns with the long-term uptrend.
Bitcoin’s Technical Structure and Market Trends
Bitcoin shows structured patterns of consolidations, breakouts, and retracements. A prolonged accumulation phase between $25K and $28K formed a six-month rectangle. The breakout from this range triggered a sharp rally, reaching the rectangle price target of $38K. A Head and Shoulders pattern emerged with a possible target of $34K. Once these levels were broken, the trend became bullish. The price rose above $73.7K, a significant breakdown point.
Support and Resistance Levels Define Bitcoin’s Path
The breakout from the six-month rectangle pattern confirmed an accumulation phase. Consequently, Bitcoin’s uptrend gained strength, breaking past significant resistance zones. Previous resistance levels turned into support, forming a well-defined market structure. The level of $73.7K was once a barrier and is now support. If Bitcoin cannot maintain its position above $91.2K, a decline may reach $73.7K.
Conclusions and Forecasts for Bitcoin Market
Bitcoin continues to test key levels, and market participants should watch for a confirmed breakdown below $91.2K. A close beneath this level on a weekly timeframe could indicate a larger correction. Therefore, traders should closely monitor Bitcoin’s reaction around these key levels.
Bitcoin continues to show strength in the long-term perspective, supported by the upward trend of moving averages. However, continued correction may indicate the need for caution and close monitoring of key technical levels.
