Bitcoin is facing potential instability at the $83,000 support level while analysts predict it could rise to $90,000 in the short term. Most agree on a price range of $83,000 to $86,000 during the Easter weekend, suggesting liquidity might be sought from lower levels before further upward movement. Analysts observe a bullish inverse head-and-shoulders pattern, with optimism about breaking past previous downtrends. However, investment decisions should be made cautiously due to market volatility.
Bitcoin recently touched a three-day low, closing at $83,974 after a drop of 1.5%. Market analysts have warned that the current support level at $83,000 might be unstable. Popular analyst Mark Cullen expressed skepticism, predicting a liquidity grab below this level before looking for a bullish reaction within the established range.
Cullen anticipates that Bitcoin will remain in a short-term price range between $83,000 and $86,000, particularly as trading during the Easter weekend is typically subdued. He indicated that movement towards the lower end of this spectrum is likely before further upward momentum. Daan Crypto Trades, another trader, reiterated this perspective and highlighted the potential for significant price movements due to market compression.
Charts illustrating Bitcoin’s price action suggest a gap that could attract prices in the near term. Fellow trader Roman noted the potential for a bullish inverse head-and-shoulders pattern, indicating that a gradual increase in volume could lead to openings for long positions, particularly if prices move towards $76,000.
In a more positive outlook, analyst Rekt Capital reported that Bitcoin has successfully broken out of a long-standing downtrend, confirming this with multiple days of holding above its previous resistance. While some in the market remain cautious about sustaining this trend, there is generally increased optimism regarding potential breakout opportunities in the coming weeks.
It is important to note that this article does not provide investment advice. All trading carries inherent risks, and individuals should conduct thorough research before making financial decisions.
