Bitcoin Hits $84K Resistance, But Analysts Show 2020 Similarities
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Bitcoin (BTC) failed to recoup the $84,000 resistance again and fell 4% to retest another critical support zone. Some analysts suggest that cryptocurrencies’ rally will be determined by their weekly shutdown, which could cause BTC to collapse or climb to new levels.
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Bitcoin hits $84,000 again
Bitcoin failed to return to this level after losing the $84,000 to $86,000 support zone on Sunday. The flagship cryptocurrency review has exceeded 11% over the past week, briefly falling to a 4-month low on Monday.
Since then, BTC has hovered between $80,000-84,000, failing to exceed the upper area of that range in the past four days. Crypto Analyst Jelle Famous This level of resistance has been a key level throughout the first half of March.
It is worth noting that the $84,000 mark is important bounce Start the pump and correct the level every month, “retrieving it will be different for the development of the rest of the month.”
Bitcoin attempted to regain this level in the past 24 hours, climbing to $83,900 on Thursday morning. For analysts, the $84,000 recycling could push the price back to the post-election breakout range and things “get really interesting.”
Ali Martinez notes the largest supply obstacle For Bitcoin, it sells for $95,000, with 1.2 million investors buying 726,000 BTC.
He also noted that the largest cryptocurrency by market capitalization is consolidating a rising triangle that could result in 9% to $90,000 if sales exceed $84,000.
Nevertheless, BTC failed to retract this critical resistance and fell back to the $80,000 support zone. “The Bulls need to defend their current region, or this may be launched into the seventies again,” Jelle warned.
BTC’s loop top or bottom?
Ted Pillows suggests that since its price action is similar to previous performances, BTC is ready to use another leg. He stressed that Bitcoin held its upward support trendline in 2017 and 2020, which “suggests that the cycle is not over yet.”
Based on this historic price performance, analysts believe cryptocurrencies can retest support from $72,000-74,000 before the local bottom appears. “After that, there will be some mergers and then the next leg.”
Crypto Trader Titan tip Under a potential reversal, BTC’s “shows signs of bottom on the weekly chart”, with its relative strength index (RSI) as support, oversold random RSI bullish crossover, and prices in the lower Bollinger band. He also noted that BTC’s price action was similar to the market structure in 2020 before the major breakthrough.
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Meanwhile, analyst Nebraskangooner confirm The Bitcoin is “historically predictable”, suggesting that its weekly close proximity will be the key to the next move. According to reports from the post, if BTC ends in a week below $67,250, it may indicate that the market has become the highest as it will become the distribution range.
Analysts explain that cryptocurrencies have respected the “distribution, accumulation and instant reversal” level of each BTC bear market. If Bitcoin remains “historically predictable,” cryptocurrencies may drop to unseen levels since late 2023 and early 2024.
As of this writing, BTC was trading at $80,810, a daily time range that fell by 3.4%.
Featured images from Unsplash.com, charts from TradingView.com
