$BTC currency
On the 4-hour chart, Bitcoin found support near $81,463, and the bounce took it to the $88,000 to $90,000 range. The price is swinging between $85,000 and $88,000, showing a push and pull between buyers and sellers.
Failure to make a higher high has heightened concerns about continued weakness without a decisive breakout. Moving averages are maintaining a bearish stance, with all key levels from the EMA(20) at $90,374 to the SMA(50) at $96,459 indicating selling pressure. A break above $90,000 could lead to an upside breakout while failure to hold above $88,000 could lead to a retest of $81,000.
Bull market rule:
If Bitcoin can break and hold above $90,000, the bullish momentum could accelerate, pushing prices towards $95,000 and above. The moving average convergence divergence (MACD) and momentum oscillator levels are pointing to a potential bullish push, while the 200-period moving average suggests that long-term support remains in place. A strong breakout with increasing volume could signal the start of a new uptrend.
Bear market rule:
Bitcoin’s failure to reclaim $90,000, coupled with the dominance of bearish moving averages, points to continued downside risks. If the $84,000 and $81,000 support levels fail, the likelihood of a drop towards $78,000 or lower will increase. Unless a clear reversal pattern emerges with sustained buying volume, the market will remain vulnerable to selling pressure.
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