Bitcoin is in a critical phase, hovering around key technical levels: Daily 200MA/EMA and the $85K resistance.
Critical Price Points: $89K and $73K
According to Daan Crypto, Bitcoin's price action is tightly focused around the $85K level. The next major move may come from one of two areas: a close above $89K, indicating continued bullish momentum, or a drop towards $73K, which might signal a shift in market sentiment toward bearishness. The focal point is Bitcoin's ability to maintain above key moving averages.
Daily 200MA and EMA: A Strong Resistance Zone
The current trading zone for Bitcoin is marked by significant resistance around the Daily 200MA/EMA. This level, along with the $85K horizontal price point, has proven resistant to breakthroughs. Daily volatility offsets short-term scalping opportunities for traders.
Potential for Short and Long-Term Traders
For traders targeting higher timeframes, patience remains essential. The ongoing consolidation around the $85K level suggests Bitcoin might need more time before a major movement. Waiting for a confirmed break above $89K or a clear dip toward $73K might help traders confidently enter a position.
As Bitcoin continues to battle with key technical levels, traders should closely monitor market dynamics to decide on their strategies.
