Bitcoin Breaks Bearish Trend, Eyes Major Resistance
Bitcoin has finally escaped its bearish market pattern, signaling a potential shift in investor sentiment. The cryptocurrency has broken out of the descending structure that has been holding it down as its all-time high. This new higher high is a important advancement, but the real test lies ahead.
The current rally is approaching a critical resistance level near $94,259. This area is crucial because it combines the structural value area low, a previous range top, adn a key daily support/resistance level. Breaking and closing above this level would confirm a bullish trend and pave the way for retesting all-time highs.
- Bitcoin breaks bearish market structure for the frist time since the all-time high.
- Key resistance at $94,259 includes value area low, prior range, and daily S/R.
- Volume remains below average, and a higher low may be needed for continuation.
However, if Bitcoin fails to breach this resistance, it could retreat to the $81,850 region. This level is now seen as a potential higher low, which would be structurally healthy and support a new bullish sequence. A pullback hear would not invalidate the bullish outlook but could reinforce it if price finds support above previous lows.
One concern is the volume,which has stayed below average. Typically,breakouts are accompanied by a surge in participation. Without this, traders should remain cautious and watch for buyer momentum in the coming days.
What to expect next? If Bitcoin can’t break the $94,259 resistance, a short-term retracement to $81,850 is likely. This move would still support a bullish higher low scenario.Traders should closely monitor both structure and volume to determine if this breakout has staying power.
