Bitcoin has now reached $88,500 and is approaching a strong resistance level at $89,962. We need to be vigilant and closely monitor it until it reaches this level.
There's nothing new in the analysis: the same scenario. For us to consider the correction over, Bitcoin must break this resistance level and close above it for three consecutive days.
That means if it can close above $89,962 in three days, we'd say a new uptrend has begun. Now, all we need to do is monitor and be cautious.
$88,600 is the current price, and it's very close to the resistance level of $89,962, which was a strong barrier previously. This means many people may sell at that level, making it difficult for the price to rise above it.
Resistance: A level at which the price stops and cannot easily exceed, due to significant selling pressure.
Condition for confirmation of the upside: Bitcoin must not only hit resistance, but also close above it for three days, in order to consider it a true breakout and not just a false breakout.
If it closes below $89,962, there is a strong possibility of a correction and a slight decline, perhaps reaching $85k or even lower before rising again.
Conclusion: This is a monitoring phase, and once it reaches $89,962, we must be very focused. Either there is a real breakout and we will see a new wave emerging, or a reversal and stalling.