Bitcoin Bulls Face Resistance: Key Price Levels to Watch

Bitcoin (BTC) surged above $89,000, facing resistance at $90,000. Traders highlight the importance of overcoming this barrier for a potential breakout. Analysts indicate that the onchain realised price between $91,000 and $92,000 will test bullish sentiment, amid current bearish trends. Readers are reminded to perform their own research before trading any cryptocurrencies.

On April 22, Bitcoin (BTC) experienced a rally, surpassing $89,000, marking its highest price since early March. This rise was attributed to robust spot demand noted during US trading hours on April 21. However, Bitcoin’s progress is hindered as it encounters significant resistance, particularly the $90,000 mark, which is currently obstructing upward movement due to a lack of sell-side liquidity.

Data from Cointelegraph Markets Pro and TradingView indicates a steady price trajectory towards $89,000 over a six-hour period, raising speculation on whether BTC can finally breach the $90,000 threshold. Trader Daan Crypto Trades highlighted that Bitcoin is approaching the $90,000-$91,000 range, previously considered a low for its trading range. The 200-day simple moving average (SMA) located above $89,000 adds to the importance of this price point.

Daan emphasised the necessity for Bitcoin to surpass these resistances to affirm a breakout. He noted: “Quite a few resistances close by, but a few percentage moves and you’ll break through all of them, and the chart looks pretty great. Bulls know what to do.”

Further analysis from Julio Moreno, head of Research at CryptoQuant, pointed to the onchain realised price for traders situated between $91,000 and $92,000 as a crucial test for Bitcoin buyers. Moreno explained that this realised price tends to function as resistance, particularly in the current bearish market phase for Bitcoin.

It is important to note that this discussion does not constitute investment advice or recommendations. Investment and trading carry inherent risks, and individuals should conduct thorough research when considering financial decisions.