Bitcoin continues to trade within a defined range, facing constant resistance at $85,500 and finding support at $78,000.
Resistance at $85,500
Bitcoin has once again failed to break above the $85,500 resistance, continuing to move sideways between key levels. Analyst Doctor Profit noted, 'Bitcoin failed to breakout and was rejected once again... all eyes on this chart.' This dynamic resistance indicates bearish control with no sustained moves above that level.
Golden Line as Support
Despite multiple failed breakouts, Bitcoin remains supported by a horizontal trend line labeled the 'Golden Line' at $78,000. Doctor Profit described this level as a 'robust support zone' from which price consistently rebounds. Current market behavior suggests that traders are watching for a decisive move.
What to Expect Next?
The chart shared by Doctor Profit illustrates two converging lines—resistance from the moving average and support from the Golden Line. This setup often precedes a breakout or breakdown. He noted, 'The current status quo is a sideways move between the Golden Line ($78k) and the resistance ($85.5k).' Future market movements will depend on a break above or below these levels.
Currently, Bitcoin remains range-bound, and reactions to key support and resistance levels may determine the future price dynamics.
