Bitcoin encounters resistance at the 200-day moving average again. This level, historically associated with strong selling, could lead to a rally if broken.
Technical Analysis
Bitcoin's position on the chart is in a challenging resistance zone, breaking which might lead to higher levels. However, current seller pressure could result in further consolidation.
The Daily Chart
The daily chart shows BTC rebounded from the ascending wedge's lower boundary, aligning with the 0.618 Fibonacci retracement level at $78K. The 200-day moving average around $85K remains a significant barrier.
The 4-Hour Chart
On the lower timeframe, BTC has approached the upper boundary of a descending wedge at $85K. A breakout above this level could lead to a rally towards $90K.
Technical indicators suggest potential for Bitcoin's rally if the resistance at the 200-day moving average is broken. However, seller pressure might keep the price range-bound in the near term.
