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Will BTC Break Above $91,692 or Drop to $85K?
Bitcoin’s price has been struggling at the significant resistance level of $91,692, leaving many wondering whether it will breach above this mark or drop down to $85,000. This development comes after a 0.9% decline, bringing Bitcoin to $89,225.71.
Recent data indicates that the cryptocurrency’s recent price movement has encountered resistance near the $91,692 level, signaling a short-term downside risk unless this threshold is successfully breached. Analysts predict that Bitcoin might experience a brief downward shift to a range of $85,000 to $88,000, which would precede its consolidation phase.
Should the price fail to break above $91,692, it could trigger additional price dips that may reach near $84,000 levels. Therefore, investors should closely monitor market signals and trading volumes to assess whether Bitcoin is poised for a recovery or further corrections.
The chart analysis reveals significant resistance developing just above $91,692. If the price meets rejection at this level, it would indicate short-term difficulties for the price momentum to keep rising. Meanwhile, the cryptocurrency exhibits another noteworthy resistance zone reaching $106,668. Throughout history, this upper resistance band has functioned as an ultimate market peak for Bitcoin’s price growth.
Bitcoin’s price might rise towards its higher resistance level at $106,668 after regaining $91,692 during the upcoming weeks.
Source: https://cryptonewsland.com/will-btc-break-above-91692-or-drop-to-85k/
