Bitcoin Market Focus: Key Levels to Watch as Price Pulls Back

Bitcoin struggles with recent gains, centring attention on the $90,000 level. If it breaks this zone, the next target could be $100,000. Falling below $90,000 may see targets shift to $85,000. Long-term outlook remains positive despite short-term pullbacks.

The Bitcoin market is experiencing a bit of turbulence lately, seeing fluctuations as traders digest recent gains. A crucial focal point now seems to be the $90,000 level, which has played a significant role in the market’s movement for an extended period. After some negative sentiment in the early trading session on Thursday, that $90k mark continues to be in the spotlight.

Historically, the $90,000 zone acted as both support and resistance, drawing attention from retail traders. Its importance can’t be overstated; this level not only signifies a potential consolidation breakout but also is likely viewed by many as a psychological level. If Bitcoin manages to break above the highs set during Wednesday’s session, we could be looking at a push towards the $100,000 milestone. That said, this rally may need some extra momentum or catalysts to gain traction.

In the short term, there’s a possibility that the market will seek to affirm the breakout and establish $90,000 as a solid support base. Conversely, should the price fall below this key level, the next target could shift down to around $85,000 due to the influence of the 50-day and 200-day Exponential Moving Averages (EMAs) residing there.

While there’s an overarching belief that Bitcoin is on a long-term upward trajectory, the recent pullback is prompting traders to assess whether the current market conditions can facilitate a rebound that takes Bitcoin towards $110,000. A break above this level would signal the start of the next phase in an anticipated long-term uptrend.

For those interested in tracking economic happenings today, be sure to consult the economic calendar. Chris, a seasoned proprietary trader with over two decades in the industry, currently serves as a senior analyst at FXEmpire. He provides in-depth market insights, helping readers navigate the complexities of today’s financial landscape more effectively.