$BTC price faces a slight rejection around its $85,000 resistance level on Wednesday after recovering 3.16% the previous day. Ripple (XRP) follows BTC as it falls below its critical level, indicating weakness and a correction on the horizon. However, Ethereum’s (ETH) price broke above its key resistance level, eyeing a recovery. Traders should watch US President Donald Trump’s “Liberation Day” on Wednesday, with significant tariff announcements, which could trigger increased volatility in the cryptocurrency market due to the potential impact of reciprocal tariffs.
Bitcoin recovers and approaches key resistance level
$BTC price stabilized around $82,500 to start the week on Monday and recovered 3.16% the next day. At the time of writing on Wednesday, it faces a slight rejection from its daily resistance level of $85,000. This daily level coincides with the 200-day EMA and a descending trendline, making it a key resistance zone.
The Relative Strength Index (RSI) indicator on the daily chart reads 47 and points downward after facing rejection from its neutral level of 50, indicating bearish momentum. If the RSI continues to slide downwards, the bearish momentum will increase, leading to a sharp fall in the BTC price.
The Moving Average Convergence Divergence (MACD) lines coil against each other, indicating indecisiveness among traders.
If $BTC continues to find rejection from its daily resistance at $85,000, it could extend the decline to retest its next support level at $78,258.
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