Bitcoin Struggles Near $85K

Bitcoin struggles near $85K, facing past rejections that led to pullbacks, while buyers attempt to maintain recent gains.

• RSI trends below 60, indicating potential for upward movement if buying momentum strengthens.
• A breakout above resistance could shift sentiment, paving the way for a rally toward previous highs.

Bitcoin’s Resistance and Market Structure

Bitcoin’s price is encountering resistance at $85,000 after rebounding from recent lows. A confirmed close above this level on a daily basis could convert resistance into support, significantly influencing future price action.

Bitcoin’s recent price behavior shows a sequence of red candlesticks followed by support establishment. A blue horizontal level has historically marked significant price interaction. Recent candlestick formations point to renewed buying pressure, which is pushing Bitcoin toward its resistance.

According to Rekt Capital, weakened rejection patterns suggest that resistance is diminishing in strength. He noted that Bitcoin’s past attempts to rise beyond $92,000 resulted in rejections and market consolidation. Currently, Bitcoin’s price is near $83,973, with buyers striving to sustain recent gains.

> Source: Rekt Capital

Analyst Rekt observed that previous rejections at this level caused sharp pullbacks, yet current price movements indicate buyer engagement. He affirmed that Bitcoin’s capability to stay above crucial levels has historically led to stronger bullish momentum.

Market Reaction and RSI Analysis

Rekt Capital indicated that Bitcoin remains below critical resistance. He analyzed that the Relative Strength Index (RSI) is trending below 60, suggesting that there is room for upward movement. Past RSI movements above this level have supported continued bullish enthusiasm. Historically, Bitcoin’s rallies gained momentum when the RSI crossed this threshold, marking it as an essential breakout point.

BullxBTC has provided further insights regarding Bitcoin’s difficulties in maintaining gains above $85,000. He examined the chart structure, noting a descending wedge formation characterized by lower highs and lower lows.

> Source: BullxBTC

BullxBTC emphasizes that if Bitcoin can sustain buying pressure, analysts expect a trial of higher resistance zones. Market participants are closely monitoring Bitcoin’s price behavior. A confirmed breakout could evoke a sentiment shift and potentially drive movement toward previous highs.