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Bitcoin’s Price Squeeze Intensifies: Will Bulls Push to $90K or Bears Drag It to $85K?
The cryptocurrency market is gripped in a state of price volatility as Bitcoin’s price action intensifies, with many wondering whether the bulls will push BTC beyond $90,000 or bears drag it back down to $85,500.
Currently, Bitcoin is trading within a narrowing triangle pattern, which has led many analysts to conclude that an imminent breakout is imminent. This development comes as no surprise, given the cryptocurrency’s recent price action within a restricted range of $87,032.94 and $88,430.06 in the past 24 hours.
As the world watches with bated breath, Bitcoin’s future trajectory is now hanging precariously in the balance, with both bulls and bears presenting compelling arguments for their respective positions.
If the bulls manage to push the price above the resistance trendline, it could trigger a fresh uptrend that would see BTC soar past $91,000. However, if the bears succeed in dragging the cryptocurrency back down towards key support areas, we can expect a 3.1% decrease, as this crucial level comes into play.
In an effort to gain clarity on the situation, analysts are closely monitoring both momentum indicators and volume levels. The Relative Strength Index (RSI) has settled at 53.58, indicating that Bitcoin’s current market position is marked by indecisiveness, with neither side holding dominant sway.
Meanwhile, the MACD line continues to trade above the signal line, indicating positive momentum for the cryptocurrency. However, traders should remain vigilant and monitor key volume levels in the event of a breakout, as weak volume could potentially lead to a fakeout.
The ongoing market dynamics have left many wondering about the future trajectory of Bitcoin’s price action. It remains essential that market participants be attentive to any changes in this context, as the cryptocurrency teeters on the edge of a potential major shift.
In conclusion, the coming days will hold critical importance for Bitcoin, with its price either pushing towards $90,000 or returning towards $85,500 after being potentially rejected at current levels.
Source: https://cryptonewsland.com/bitcoins-price-squeeze-intensifies-will-bulls-push-to-90k-or-bears-drag-it-to-85k/
