$BTC

1. **Current Price Action**:

- Bitcoin (BTC) is testing **$86,000–87,000**, nearing its 200-day Simple Moving Average (SMA) at **$87,566**, a critical bull market support/resistance level.

- A decisive break above this SMA could pave the way for a retest of **$97,000**, a major resistance zone since January’s all-time high.

2. **Trader Sentiment**:

- **Skepticism persists** despite recent gains. Traders question whether the breakout signifies a genuine trend reversal or short-term volatility.

- Rapid shifts in sentiment (from bearish calls for $50k to bullishness on green candles) highlight emotional trading risks. Analysts warn against impulsive decisions.

3. **Technical Resistance Hurdles**:

- **Key levels to watch**:

- **$87,566 (200-day SMA)**: Breakout here could target $90k+.

- **$97,000**: A clear breach would open the path to **$110k+ by late summer**, per Stockmoney Lizards.

- Failure to hold gains may lead to retracement, with support near **$78,000–80,000**.

4. **Analyst Perspectives**:

- **Stockmoney Lizards**: Expects BTC to range between **$78k–88k** for weeks, consolidating energy before a larger move. Cautiously optimistic long-term.

- **SuperBro**: Suggests a successful higher high above $87.5k could trigger a bullish wedge pattern targeting **$100k+**.

- **Peter Brandt**: Cautions that breaking the multi-month downtrend line (since January) doesn’t confirm a trend reversal yet.

5. **Macro Risks**:

- U.S. trade war tensions and broader macroeconomic volatility remain headwinds, potentially delaying sustained upward momentum.

6. **Conclusion**:

- **Short-term**: BTC faces resistance at $87.5k and $90k. A rejection here might lead to consolidation within the $78k–88k range.

- **Long-term**: Breaking $97k could validate bullish targets of $110k–120k by Q3 2024. Traders should monitor the 200-day SMA and macroeconomic developments closely.

**Takeaway**: Exercise caution amid mixed signals. While technicals hint at bullish potential,