My friend, this means that there is now a kind of "wall" in front of those who want the price of Bitcoin to rise, and this wall is at the price of $89,000.
Why is this important?
"The current resistance for bullish traders": This is the area where sellers may begin to show up strongly and sell their Bitcoin, making it difficult for the price to pass through easily. Traders who expect the price to rise (we call them "bullish" or "bulls") must overcome this selling pressure.
"Breaking the $89,000 level": For these traders to profit and be able to continue pushing the price upwards, the price must break through the $89,000 barrier strongly. This breakthrough means that buyers have managed to overcome sellers at this area.
"And forming a new higher peak": After the price breaks through $89,000, the next step is for the price to create a "higher peak" than the last peak it reached before. A peak is the highest price Bitcoin has reached in a certain period of time. When a higher peak is formed, this is a signal that the upward trend may still be continuing.
"And confirming it": Just reaching a higher peak is not enough. The price must "confirm" this peak, which happens when the price stabilizes above the new peak level for a period of time, or when it dips a little and then rises again to continue going up. This confirmation gives buyers greater confidence that this rise is real and not just a temporary spike.
