- Bitcoin’s $75,000 support is unharmed, but $10,000 resistance could lead to volatility.
- Re-accumulation indicates that there is a possibility of rally up to 200k-$300k.
- A decline below $73,900 could reverse the trend.
Intraday losses were $1,484.18, while Bitcoin (BTC) is currently down 1.70% at $85,908.69. It reached a session-best session of $88,275.00 and a session-best of $85,860.00, surpassing the support level of $75,000, which affects the market mood.
Market Data and Technical Indicators
Bitcoin has been on the rise since mid-2023, leading the way with around $100,000 before the revision. The Daily Timespan depicts quietness of over $75,000, and resistance at previous highs. The 15.57K volume means aggressive market involvement and drives price action.
sauce: TradingView
The 14-day relative strength index (RSI) is 48.91 and the moving average is 46.02. They show neutral momentum with equal trading pressures. Volatility at 50-level RSI means pending breakout or pullback integration.
The MACD line of the moving average convergence divergence or MACD indicator has signal lines of 792.55 and -862.23. The negative histogram of -1,654.78 shows bearish momentum consistent with Bitcoin retracement. Long-term negative MACD trends can show additional negative risks.
Fibonacci’s retracement level confirms $75,000 as the main support level, consistent with previous accumulation stages. Trendline shows that Bitcoin has an upward trend despite its short-term retracement. Above $85,000, recovery to major resistance levels may be possible.
Market Cycle Trends and Resistance Levels
Market analyst Gert Van Lagen sees Bitcoin’s re-accumulation phase as a strong sign of an impending rallies of between 200k and $300,000. His analysis considers $73,900 to be an important invalidation point.
sauce: Gert Van Lagen
Previous Bitcoin Cycles offer some accumulation opportunities before a significant breakout. Periods of re-accumulation maintain bullish trends by driving continuous uptrends. As a result, Bitcoin will remain upwardly momentum and could reach new heights if trends hold.
Van Lagen emphasizes the upward importance of the support trend line to keep Bitcoin bullish cases alive. Pressure can increase the price if it is unharmed. The $100,000 resistance can introduce volatility before a breakout.
Future price action and important levels to watch
Bitcoin’s direction depends on support, and the strength of the trend remains the same. Breakouts over $100,000 will see bullish momentum in the 200 K-$300 K zone as targets. A breakdown of less than $73,900 can show a reversal of emotions.
Bitcoin’s price cycle suggests that the accumulation stage causes strong gatherings. Following the historic trend, another breakout is imminent. Failure to hold $75,000 will result in a make or breakpoint for traders.
