Bitcoin is currently trading near $85,000, with traders focusing on a potential breakout above $86,000, which may lead to a rise towards $105,000. Resistance at $91,275 is significant for short-term holders, while technical indicators suggest a bullish bias in the market. Current whale activity shows mixed results, with long-term holders faring better than new short-term ones. Macroeconomic factors are creating uncertainty, but Bitcoin maintains a robust price above $84K.
On April 19, Bitcoin (BTC) traded near $85,000, with traders anticipating a breakout above $86,000. A successful breakout could signal a falling wedge pattern, potentially propelling prices towards $105,000. At the time, BTC was valued at $84,972, reflecting a 0.59% increase for the day, with a daily relative strength index (RSI) of 52.82, indicating a neutral yet bullish tilt.
Currently, Bitcoin is consolidating within a narrow range between $83,000 and $86,000. Analysis from Ali Martinez suggests that this range has held strong as both buyers and sellers remain uncertain. The immediate focus is on the $91,275 resistance, which represents the average purchase price for short-term holders. A breakthrough at this level could ignite bullish momentum as FOMO may set in among investors.
The falling wedge pattern observed since early January is nearing a breakout. If validated, the technical target for Bitcoin could rise to $105,820 based on the 1.618 Fibonacci extension. Before this can happen, Bitcoin must surpass the critical $91,000 resistance level. Analysts note that a successful move could indicate a potential 22% rally from current prices, bolstered by buyers establishing higher lows since late March.
CredibleCrypto highlighted the occurrence of a bullish divergence between price and the spot cumulative volume delta (CVD), indicating that larger buyers are entering the market despite lower volumes. This trend suggests a potential local bottom is forming, supporting the bullish thesis for BTC.
However, not all whale activity correlates with savvy investing. Carmelo_Alemán highlighted the performance disparity between new short-term whales and seasoned long-term holders. Specifically, short-term whales are currently at a loss, while those who invested during previous cycles remain significantly profitable, illustrating the importance of timing in cryptocurrency investments.
Bitcoin’s price trajectory continues amidst broader macroeconomic uncertainties, including dismal manufacturing data reported by the Federal Reserve. The outlook on potential rate cuts is also unclear, compounded by challenges stemming from Donald Trump’s trade policies affecting institutional investment flows. Despite these headwinds, Bitcoin holds a crucial support level above $84K, a transition area for upcoming price movements.
For Bitcoin bulls, the path remains precarious with $91K serving as a pivotal barrier. A strong breakout above this level may confirm the wedge pattern, setting sights on $105K. Until BTC consistently surpasses $86K with substantial trading volume, investor engagement may remain cautious, although signs of institutional accumulation are becoming evident.
