Bitcoin continues to show resilience, with potential for either continued growth or a possible correction.
Current Market Situation
Bitcoin is recovering from a recent downtrend, with the resistance zone now extending between $105,000 and $110,000, corresponding to previous peaks where BTC faced strong selling pressure. A break and close above this level could confirm a trend continuation, potentially reaching new all-time highs. Failing to breach this resistance might trigger a correction with potential dips to $85,000-$90,000 before another breakout attempt.
Key Price Levels
Bitcoin's current price is $84,194.24, reflecting a 0.5% decline in the last session. Market volatility remains low, with price movements between $83,688.61 and $84,876.42 during 24 hours. BTC might continue upward if it stays above $85,000, signaling a breakout to potential levels above $86,500. Increased selling pressure might lead to testing of the support zone between $83,500 and $83,000.
Technical Indicators
The technical analysis shows RSI at 57.28, suggesting Bitcoin is in neutral to mildly bullish territory. The MACD indicates bullish momentum with a positive crossover. Overall, BTC appears to consolidate with a mild bullish bias, but further confirmation is needed for a strong directional move.
Bitcoin's prospects remain open for either new record highs or a temporary correction to lower price levels.
