Bitcoin ($BTC) is currently moving within a range-bound manner. Hence, the Bitcoin ($BTC) traders are waiting for the confirmation of the upcoming key move. As per the data from Michaël van de Poppe, in recent attempts, the flagship crypto asset could not sustain its level above crucial levels. Hence, it needs to maintain its level above the 21-day Moving Average (MA) to experience a renewed bullish outlook.
Bitcoin Faces Key Resistance, Analysts Highlight Need to Maintain Price above 21-Day MA
Based on the new market data, the range-bound price performance of Bitcoin ($BTC) highlights the importance of maintaining its position. At the moment, the leading cryptocurrency is hovering around the resistance zone of $91,000. At the same time, it requires holding on to its 21-day Moving Average (MA). If successful, this could push Bitcoin ($BTC) into a bullish territory.
Apart from that, the exclusive candlestick chart presents diverse high-timeframe (HTF) levels. Specifically, the key resistance levels account for $10,426 and $105,797. On the other hand, the notable support zones include $80,357, $83,814, and $89,691. The market onlookers have detected the respective areas as the crucial points to trigger renewed strength. Additionally, the $80K denotes a conclusive defense line ahead of deeper corrections.
Simultaneously, these technical signals indicate that maintaining $BTC’s price above the 21-day moving average and retesting the resistance at $91K is significant to enter a bull rally. In this respect, the traders are looking at the likely inferences of this outlook. Thus, if Bitcoin remains unsuccessful in reclaiming the resistance, it may push it down to the $80K zone.
Flagship Cryptocurrency Sits at Crossroads as RSI Turns Neutral
According to Michaël van de Poppe, Bitcoin’s volume indicators display the intensification of trading activity around the aforementioned levels. Keeping this in view, the market participants are undergoing uncertainty. Along with that, while the relative strength index is still neutral, the shift toward bearish reversal or bullish surge depends on the further price trajectory in the near term. In the meantime, Bitcoin ($BTC) is standing at a crossroads, with traders awaiting a bullish breakout.
Source: https://blockchainreporter.net/bitcoin-trades-sideways-as-91k-resistance-caps-gains/
