Bitcoin is currently at a pivotal juncture, teetering between two significant price levels that may dictate its forthcoming trajectory. Buyers and sellers are engaged in a fierce contest, with the market poised for a critical breakout. A breakthrough above crucial resistance may pave the way to $107,000, whereas a failure at support could lead to a more significant decline towards $71,000. In her latest update on Bitcoin, it is reported that BTC was unable to maintain its position above the $90,720 mark on the hourly chart, leading to the anticipated drop. The first immediate support is currently positioned at $87,644, with a deeper support range established between $83,822 and $82,477. If buyers manage to hold this zone, Bitcoin may make another push toward the pink box area and revisit the descending trendline above.
Uray noted that a sustained move above the pink box resistance on the daily timeframe would pave the way for Bitcoin to test the descending blue trendline. A confirmed breakout from this area could bolster bullish momentum, driving the price toward the next significant resistance levels at $98,200 and $107,500. A breakout above $107,500, in conjunction with the descending trendline, would indicate a robust signal that the larger uptrend is poised to resume. However, she cautioned that a daily close beneath $82,477 would alter the market structure, leading to increased vulnerability for Bitcoin and the potential for a drop to lower levels. Despite this, Uray emphasized a key area of strength the $74,496–$71,237 zone. This area marks the crucial breakout peak from November 2024 and is viewed as a significant historical support level. In this zone, buyers could enter the market with vigor, possibly paving the way for a bullish turnaround.
As per reports, Bitcoin’s recent price movements have been developing exactly as anticipated. Following a setback at the $93,000–$95,000 resistance zone, BTC experienced a significant decline, coming close to the expected support range of $86,000–$87,500. This action illustrates the wider market’s response to significant selling pressure at the upper resistance level. Crypto Candy highlighted that the $86,000–$87,500 zone is now a key pivot area. If buyers manage to uphold this support level and the price finds stability above it, Bitcoin may potentially revisit the $93,000–$95,000 range, or even exceed it.
A rebound of this nature would indicate a resurgence of bullish momentum, paving the way for another effort to breach higher resistance levels. However, the analyst also cautioned that a failure to maintain the $86,000–$87,500 support level could lead to more significant downward movement. If the level breaks down, Bitcoin could potentially drop to lower price zones in the upcoming days as bearish pressure intensifies.