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Bitcoin’s Failed $90,000 Attempt Hints at an Impending Price Surge Despite the Fear of a ‘Death Cross’- Will it Reach $100K?
The cryptocurrency market has been witnessing extreme volatility lately, with Bitcoin’s recent attempt to reach $90,000 and fall back below it signaling a crucial moment in the ongoing price action. While the initial surge above $88,000 may have been met with disappointment, the underlying momentum suggests that the crypto asset is gearing up for an impeding price surge.
The recent tariff concerns and market turmoil have created a perfect storm of uncertainty, leading to nearly $500 million in liquidations over the past 24 hours. However, despite this bearish sentiment, Bitcoin’s failure to reach $90,000 may be seen as a sign that the bears are still not strong enough to pull the price back down significantly.
The charts suggest that the Bitcoin price has bounced from the immediate lows close to $82,000, but there is an evident hurdle yet to be addressed. Once cleared, the price is expected to rise uninterrupted above $90,000 and potentially even reach the coveted $100,000 mark.
However, it is essential to keep in mind the impending ‘Death Cross’ event that could impact Bitcoin’s trajectory. As seen on the chart, the 50-200 day MAs are approaching a bearish crossover, which has historically preceded price declines. In addition, the lack of volatility has been compelling the levels to reverse the trend.
Given the current situation and market dynamics, it is possible that the Bitcoin price will face yet another bearish action in the coming days, which could potentially drag the levels close to $81,000 initially. Nevertheless, this decline may ultimately act as a precursor for an even larger upswing, paving the way for a more significant move beyond $90,000.
While the recent failure to reach $90,000 has been met with disappointment from some market participants, it is crucial to recognize that the bulls have been defending support levels for quite some time now. However, their inability to generate a 20% recovery after each rebound suggests that fresh liquidity may be needed before a prolonged bull run can occur.
In this context, Bitcoin’s failure to reach $90,000 may not be a bearish sign as much as it is an indication that the market is preparing for a significant price action.
Source: https://coinpedia.org/price-analysis/bitcoins-failed-90000-attempt-hints-at-an-impending-price-surge-despite-the-fear-of-a-death-cross-will-it-reach-100k/
