Prior to the latest positive surge in volatility, Bitcoin lost momentum and remained indecisive for over a week. It is currently up 5% in the past hours following a notable break above a weekly resistance level.
After bouncing from $74.5k in the first week of the month, Bitcoin recovered nicely and tapped the $86,000 range. It later cooled off buying pressure after facing resistance and traded calmly in the second week.
Several attempts to overcome this level proved abortive throughout last week, and the asset maintained sideways movements. Volatility increased today, and the price surged to a new monthly high with an impressive daily gain in the last 24 hours.
The latest surge was mainly triggered by a break above the mentioned price range, which has been serving as a critical resistance for the bulls for over a week. They are currently targeting $88.7k. Overcoming it could pave the way for more recoveries towards the crucial $95k level.
This crucial level marked a tough resistance for the bulls in the second phase of the short-term bearishness. If they manage to scale through, we can anticipate a major rally capable of activating a major reversal in the trend.
With negative sentiments surrounding the crypto market from a mid-term perspective, Bitcoin might soon face tough resistance. And if that happens, the $70k level would be its next target point for selling.
BTC’s Key Levels To Watch
Source: Tradingview
While the bulls’ next target levels lie at $888,765 and $90,000, they may face resistance at $92,810 if the price surpasses the mentioned levels. The $95k level is considered a trigger point for its next long-term move.
Should the bears step back, the potential support levels to consider for drops would be $85,500, $81,135 and $76,606. Reclaiming the monthly $ low should set the market up for another crackdown.
Key Resistance Levels: $88,765, $92,810, $95,000
Key Support Levels: $85,800, $81,135, $76,606
- Spot Price: $86,888
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-price-analysis-prediction-april-21-btc-finally-overcomes-86k-after-multiple-rejections-where-next/