Bitcoin price is on the rebound after a massive bounce off a weekly support area and recently breaking through a key weekly resistance level. Current spot price of $86,888 represents an increase of 5% over the last 72 hours. In spite of the overall down day and this downside trend, the positive movement today comes following more than a week of indecisiveness and relatively low volatility.
Before this overall uptrend, Bitcoin proved its sturdiness by rebounding from $74,500 in the first week of the month. The next recovery did push it back up toward the $86,000 ceiling, paving the way for the current breakout. If we manage to clear this weekly resistance line, there may be greater upside potential ahead. That all-important $95,000 match is now so tantalizingly close!
Looking beyond last week’s bullish breakout, the trend on Bitcoin and other cryptos continues to be bearish. Still, the bulls are aiming for $88,765 and $90,000 next as the potential new upside targets. If the price goes up further, they could run into resistance at $92,810.
The $95,000 level BTC/USD is seen as an important hurdle for the Bitcoin price’s next significant advance. Breaking above this threshold would be the catalyst for a major long-term rally. Conversely, failure to sustain momentum above $95,000 could lead to a sell-off, with the $70,000 level serving as a potential target. This level had previously served as a solid resistance level during the second stage of the short-term bearish cycle.
If ADA value experiences a temporary price retracement, traders need to keep an eye on crucial support levels. Bitcoin support levels to watch would be $85,500, $81,135, and $76,606 on declines.
