Bitcoin: 3 Resistance Levels To Watch as It Approaches $90,000
As Bitcoin's price approaches the $90,000 threshold, it is encountering a series of significant resistance levels that could impact its short-term trajectory.
According to market analyst @ali_charts, Bitcoin (BTC) is facing several key resistance points between $88,000 and $91,000. These resistance levels include the 200-day moving average, the mid-level of the consolidation channel, and the 100-day moving average.
1. The 200-Day Moving Average (200-DMA)
The 200-day moving average is a crucial indicator for traders, as it typically signifies the long-term trend of an asset. Bitcoin’s price is now approaching this key technical level, which often serves as a formidable barrier in both bullish and bearish market conditions. A rejection at this level could signal a reversal or consolidation, while a breakout could push the price higher.
2. Mid-Level of the Consolidation Channel
Alongside the 200-day moving average, Bitcoin is facing resistance from the mid-level of its ongoing consolidation channel. The price has been fluctuating within this range for a while, and the mid-level represents a critical pivot point for market participants. This level could either act as a strong support or resistance, depending on whether Bitcoin can break above or fall back below it.
3. The 100-Day Moving Average (100-DMA)
The 100-day moving average is another important technical indicator that traders monitor to gauge the intermediate-term trend. Bitcoin is encountering the 100-DMA just below the $91,000 range, adding another layer of resistance. Similar to the 200-DMA, the 100-DMA can either act as a hurdle that the price struggles to surpass or as a level from which the market may push higher if it breaks through.
Looking Ahead
With Bitcoin testing these multiple resistance levels in the $88,000 to $91,000 range, traders will be closely watching to see if it can maintain upward momentum or if it faces a pullback. A breakthrough above these resistance zones would signal a potential bullish rally, with Bitcoin’s next key target likely to be $100,000. Conversely, failure to breach these levels may result in consolidation or even a retracement to lower price levels.
As always, it’s important for traders to stay vigilant and use proper risk management strategies, as Bitcoin’s price can be highly volatile in these critical zones.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
