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Bitcoin Price Analysis: BTC Gains Momentum but Is Rejection at $90K Imminent?
The cryptocurrency market has been in a state of flux lately, with numerous assets experiencing significant price swings. The recent movement of Bitcoin (BTC) is no exception. As it continues to gain momentum and push toward the critical $90K resistance zone, questions arise regarding the potential for rejection at this level.
Bitcoin’s Bullish Retracement
Bitcoin has managed to find support at the crucial $80K threshold, allowing its bullish retracement to continue. The asset has been steadily climbing back up, fueled by increased buying pressure and a lack of significant selling activity. However, it is essential to acknowledge that the market lacks strong bullish momentum, which could potentially hinder any attempts to break above the aforementioned resistance.
Rejection at $90K
In light of this information, it becomes increasingly likely that Bitcoin will face rejection at the $90K mark. This could be attributed to a combination of factors, including low trading activity and the absence of convincing buy-side support.
The Impact on Market Sentiment
Recent data from Coinbase indicates that local investors have been playing a significant role in shaping market trends. The Coinbase Premium Index serves as an essential indicator of sentiment among U.S.-based traders. A positive metric has historically coincided with upward price movements, suggesting the potential for increased demand and bolstered confidence within the broader market.
However, it is crucial to maintain caution when assessing these sentiments, considering that numerous external factors can impact market forces swiftly.
Source: https://cryptopotato.com/bitcoin-price-analysis-btc-gains-momentum-but-is-rejection-at-90k-imminent/
