The price of Bitcoin is currently navigating key support and resistance zones, with a potential breakout above the Bollinger Bands signaling further price action.
Recently, Bitcoin’s value climbed to $88,344, marking a 1.7% gain within the last 24 hours. The cryptocurrency has shown notable volatility today, fluctuating between $85,373.53 and $90,164.9.
Over the past two weeks, Bitcoin has experienced a decline of approximately 5.1%. Despite this drop, its market capitalization remains robust at over $1.76 trillion, maintaining its status as a leading asset in the crypto industry recognized by institutional investors. As it approaches the critical $90k threshold, traders are closely monitoring whether this upward momentum will persist or if consolidation will take place.
Will Bitcoin Maintain Its Upward Trajectory?
An analysis of Bitcoin’s daily chart reveals important technical signals that could indicate either a trend reversal or continuation.
The current focus is on testing the middle Bollinger Band level around $89,971.79. Should this level act as resistance and push prices downward again toward approximately $85,774.46 (the lower band), it would suggest weakening momentum; however, surpassing this midpoint could lead to gains targeting the upper band near $94,169.13.
Support is firmly established close to $85,360—a level that has provided multiple rebounds over recent weeks—while breaking below might expose further downside risk towards roughly $82,500 in support zones.
On resistance fronts,the immediate barrier stands at about$89 ,971 .79 , followed by an important hurdle near$94 ,169 .13 which may dictate future breakout possibilities .
The MACD indicator hints at bullish momentum building up as its blue line attempts to cross above orange but remains slightly negative overall.This suggests additional strength needs to accumulate before confirming sustained upward movement for Bitcoin .
Is A Rally To$120 ,000 Within Reach ?
Analyst Captain Faibik forecasts an imminent rebound forBitcoin,suggesting that overcoming key resistance levels could trigger renewed buying interest.The next significant challenge lies around$93 ,000,a crucial point determining whetherBitcoin can extend gains further upwards .
Sitting just below psychological mark$90 ,000,the market eagerly awaits confirmation of enough buying pressureto breachthis threshold.Faibik sets his sights on an ambitious targetof$120 ,000,based on breaking out from both descending expanding wedge patternsand surpassingthe aforementioned resistance.At present,this implies aprojected increaseof roughly35 .83 %from current pricingnear$88 ,344 .