Bitcoin (BTC) is bouncing back from a five-month low, trying to break past the $84,000 resistance. Experts predict more price swings are coming, as BTC is stuck between two important price points.
A Week of Ups and Downs
Last week, Bitcoin traded between $74,000 and $84,000 after some market jitters related to trade disputes. It briefly hit a high of $84,720 before dropping to a five-month low of $74,773. There was a risk of a further drop to $69,000, but a daily close above $78,500 was needed for a rebound. Luckily, BTC rallied 13.5% after a temporary pause in trade tariffs, only to retrace slightly later.
Analyst Perspectives: Bullish or Bearish?
Analyst Alex Clay initially saw a bearish outlook, saying BTC needed to reclaim the $80,000 support and break through a four-month resistance line. However, a recent surge changed his view, although breaking $84,000 remains key.
Another analyst, Rekt Capital, noted that Bitcoin tested the $78,500 support but was rejected by the four-month downtrend resistance. This price compression often leads to increased volatility. They also pointed out some interesting RSI (Relative Strength Index) patterns that historically have preceded price reversals. Interestingly, the current RSI levels are similar to those seen during the 2022 bear market.
Analyst Ali Martinez suggested a possible dip back to $74,000, observing a potential “M-shape” pattern in the price action. However, he also noted Bitcoin’s recent strong performance, breaking through key resistance levels and potentially opening the door to a price surge towards $91,500.
The Bottom Line
Currently, Bitcoin is trading around $83,640, showing a slight weekly dip. Whether it heads towards $74,000 or $91,000 remains to be seen, with analysts offering differing perspectives based on technical indicators and price patterns. The coming days will be crucial in determining Bitcoin’s next move.
