Bitcoin is nearing the key 91,000 level. Following the breakout from the trend channel, Bitcoin has been moving as expected, approaching this important zone. The 91k level previously acted as a major support and held through multiple declines for months. Given its historical significance, there is a strong possibility that it will now act as resistance.
However, it may not serve as a perfect “bullseye” resistance level. That would be too predictable. Traders should be alert for potential traps around 1,000 to 2,000 points above or below this zone.
In the medium term, all downward moves are now might be considered buying opportunities following the end of the previous trend channel. The market’s focus will now shift to whether a new bullish trend will establish itself.
If Bitcoin sees a clear rejection at or near 91k, it could provide a second chance for bulls who missed the breakout. However, there is one key factor that will determine Bitcoin’s next major move:
Bitcoin and the S&P 500 have shown a strong positive correlation over the past few years. This connection has often weighed on Bitcoin during periods of stock market weakness, especially with all the recent negative news surrounding equities.
However, the price action since April 16 suggests a potential shift. Bitcoin appears to be moving in a different direction from the S&P 500. If this is the beginning of a decoupling, it could be a positive sign for Bitcoin, especially with ongoing tariff pressures likely to continue weighing on the stock market.
For additional context, be sure to check out our earlier posts on the S&P 500 and Bitcoin:
However, it may not serve as a perfect “bullseye” resistance level. That would be too predictable. Traders should be alert for potential traps around 1,000 to 2,000 points above or below this zone.
In the medium term, all downward moves are now might be considered buying opportunities following the end of the previous trend channel. The market’s focus will now shift to whether a new bullish trend will establish itself.
If Bitcoin sees a clear rejection at or near 91k, it could provide a second chance for bulls who missed the breakout. However, there is one key factor that will determine Bitcoin’s next major move:
Bitcoin and the S&P 500 have shown a strong positive correlation over the past few years. This connection has often weighed on Bitcoin during periods of stock market weakness, especially with all the recent negative news surrounding equities.
However, the price action since April 16 suggests a potential shift. Bitcoin appears to be moving in a different direction from the S&P 500. If this is the beginning of a decoupling, it could be a positive sign for Bitcoin, especially with ongoing tariff pressures likely to continue weighing on the stock market.
For additional context, be sure to check out our earlier posts on the S&P 500 and Bitcoin:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.