Bitcoin (BTC) is stuck. For the past week, it hasn’t broken through the $86,000 price barrier, leaving investors unsure what’s next. While there hasn’t been a major crash, the sideways movement suggests a lot of hesitation in the market.
Technical Analysis: Three Key Hurdles
Crypto analyst Daan Crypto has pointed out three main reasons why Bitcoin’s price isn’t rising:
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A Diagonal Trendline: Since hitting its all-time high in late January, Bitcoin’s price has been falling, creating a downward-sloping line on the chart. To break this trend, Bitcoin needs a strong push above this line.
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200-Day Moving Averages:
Both the Exponential Moving Average (EMA) and the Simple Moving Average (MA) are key indicators. They show the average price over the past 200 days. Bitcoin needs to climb above both to signal a real recovery. The EMA is more sensitive to recent price changes than the MA.
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The Big Test: Even if Bitcoin breaks through the $84,000-$86,000 range, Daan Crypto warns that the real test will be at $90,000-$91,000. Reclaiming this level would be a strong bullish signal.
The Current Situation
Right now, Bitcoin is trading around $84,868, up slightly from yesterday. However, trading volume is down significantly. The market is clearly waiting to see what happens next.
