Bitcoin’s recent price action around $85,211 is raising some eyebrows. It’s been struggling to break through this resistance level, hinting that the bullish trend might be weakening.
Technical Trouble for Bitcoin
The charts aren’t looking great for Bitcoin. It’s showing signs of weakness:
- RSI Retreat: The Relative Strength Index (RSI), a momentum indicator, is falling back below 50%, suggesting weakening bullish momentum.
- MACD Warning: The Moving Average Convergence Divergence (MACD) is slowing down, and might even cross into bearish territory, hinting at a potential price drop.
- Below the 100-Day SMA: Bitcoin is trading below its 100-day Simple Moving Average (SMA), making it harder to break through resistance.
Basically, several key indicators are flashing yellow, if not red.
Could Bitcoin Crash? Key Levels to Watch
If Bitcoin can’t hold above $85,211, we could see a significant drop. Here are some key support levels to watch:
- $73,919: This is the next major support level. A break below this could trigger a deeper correction.
- $65,082: Another crucial support level. Breaking this could lead to further losses.
- $60,152: This was a strong support level in the past. If this fails to hold, things could get really bearish.
For Bitcoin bulls, reclaiming $73,919 is crucial to avoid a prolonged downturn.
A Path to Recovery?
However, it’s not all doom and gloom. If buyers step in and push Bitcoin decisively above $85,211, the bullish trend could resume. Breaking through $93,257 would be a strong signal of renewed confidence and could lead to further price increases. The next few days will be crucial in determining which direction Bitcoin heads.
