$BTC Bitcoin's recent rebound has hit a critical resistance zone, and breaking through this area is crucial for a potential bull market. Here's the current situation ¹ ²:
- *Current Price*: Bitcoin is trading at around $85,146, with a 0.41% increase.
- *Resistance Zone*: The key resistance zone is between $87,600 and $89,900, which overlaps with a downward trendline. Breaking through this zone could signal a trend reversal.
- *Support Level*: The defensive bottom line for bulls is at $81,300. If this support level is broken, Bitcoin's upward momentum may weaken, and the rebound could end prematurely.
- *Market Outlook*: According to MakroVision, Bitcoin's recent decline appears to be a pullback during an upward journey. Conquering the resistance zone could open up upward space and potentially reverse the market pattern.
*Key Levels to Watch*
- *Immediate Resistance*: $87,800, with significant liquidity built up at this level.
- *Next Resistance*: $90,000, which could trigger a bullish breakout if surpassed.
- *Short-term Support*: $81,300, which serves as a critical defensive line for bulls.
*Expert Insights*
- Bitcoin miners faced pressure in March due to declining prices and transaction fees, but the recent price rebound could provide temporary relief.
- A move beyond the $87,800 resistance level with high volume could trigger a bullish breakout and push Bitcoin into new territory ¹.