Bitcoin Price Rally Faces Resistance Near $90,000

Bitcoin (BTC) recently climbed above $89,000, facing resistance around $90,000 due to sell-side liquidity. Trader Daan Crypto Trades highlighted significant barriers, including the 200-day SMA. Analyst Julio Moreno noted that the on-chain realised price of $91,000-$92,000 will be a critical test for Bitcoin bulls, amidst a generally bearish market context. The article does not constitute investment advice.

Bitcoin (BTC) surged past $89,000 on April 22, reaching its highest price since early March, driven by robust spot demand during US trading hours. However, the price is encountering significant resistance at the $90,000 mark, which is proving difficult to surpass due to sell-side liquidity disruptions.

Data from Cointelegraph Markets Pro and TradingView indicate steady movement towards the $89,000 level. Trader Daan Crypto Trades highlighted on X that Bitcoin is approaching the critical $90,000-$91,000 resistance area, which previously defined the range low. This region’s importance is underscored by the proximity of the 200-day simple moving average (SMA), which lies just above.

Daan emphasized that overcoming these barriers is essential for Bitcoin to solidify a breakout. He noted that while multiple resistances are present, a few percentage advances could enable a breakthrough, and he expressed optimism about the chart’s potential, suggesting that bullish traders know their strategy.

In parallel, CryptoQuant’s head of Research, Julio Moreno, stated that the on-chain realised price between $91,000 and $92,000 represents a crucial test for Bitcoin’s bullish momentum. Moreno pointed out that this realised price typically acts as resistance in bearish market conditions, a situation currently reflected in Bitcoin’s trading environment.

This article does not provide investment advice. Readers should conduct thorough research and consider risks associated with investment and trading decisions.