Bitcoin is currently trading at $85,000, holding steady despite a 4.4% drop in the broader cryptocurrency market over the past 24 hours. This dip reflects a cautious mood across risk assets, driven by uncertainty over upcoming US inflation data and potential Federal Reserve interest rate decisions. While altcoins are taking a bigger hit, Bitcoin’s price action has been choppy but resilient. For now, it’s in a consolidation phase, with traders watching for the next big move.
Broader Market Context
The recent decline in the crypto market mirrors a broader “risk-off” sentiment among investors, who are bracing for economic shifts that could impact global markets. Factors like US inflation reports and Fed policy updates are creating short-term uncertainty. As the leading cryptocurrency, Bitcoin often serves as a market indicator, its ability to hold key levels could signal stability, while a breakdown might deepen the downturn. Despite this, Bitcoin’s long-term outlook remains strong, supported by growing institutional adoption and a more favorable regulatory landscape.
Short-Term (1-Hour Chart):
Support: $84,000 (make-or-break), $82,000
Resistance: $86,500, $90,000
Indicators: RSI at 45 (neutral), MACD showing bearish momentum. A descending triangle is in play, breaking $86,500 with strong volume could push to $90,000, but a fall below $84,000 might test $82,000.
Long-Term (Weekly Chart):
Support: $80,000, $75,000
Resistance: $90,000, $100,000
The 200-day moving average is trending up, reinforcing a bullish long-term view, but $80,000 must hold for that to stay intact.
Potential Scenarios
Bullish Case: If Bitcoin holds $84,000 and breaks $86,500 with solid volume, expect a run to $90,000 short-term, with $100,000 in sight long-term.
Bearish Case: A break below $84,000 could see it slide to $82,000 or even $80,000.
Volume is the key, watch for a spike to confirm either direction.
Broader Context and Tips
Long-term, Bitcoin’s fundamentals look solid with growing institutional interest and a crypto-friendly climate. But short-term, watch out for volatility triggers like US inflation data or Fed moves. For traders, focus on $84,000 support and $86,500 resistance, these levels will dictate the next trend. Set tight stops (e.g., just below $84,000 for longs) and keep an eye on news. Long-term holders should view $80,000 as the critical floor for the bullish trend to continue.
Broader Market Context
The recent decline in the crypto market mirrors a broader “risk-off” sentiment among investors, who are bracing for economic shifts that could impact global markets. Factors like US inflation reports and Fed policy updates are creating short-term uncertainty. As the leading cryptocurrency, Bitcoin often serves as a market indicator, its ability to hold key levels could signal stability, while a breakdown might deepen the downturn. Despite this, Bitcoin’s long-term outlook remains strong, supported by growing institutional adoption and a more favorable regulatory landscape.
Short-Term (1-Hour Chart):
Support: $84,000 (make-or-break), $82,000
Resistance: $86,500, $90,000
Indicators: RSI at 45 (neutral), MACD showing bearish momentum. A descending triangle is in play, breaking $86,500 with strong volume could push to $90,000, but a fall below $84,000 might test $82,000.
Long-Term (Weekly Chart):
Support: $80,000, $75,000
Resistance: $90,000, $100,000
The 200-day moving average is trending up, reinforcing a bullish long-term view, but $80,000 must hold for that to stay intact.
Potential Scenarios
Bullish Case: If Bitcoin holds $84,000 and breaks $86,500 with solid volume, expect a run to $90,000 short-term, with $100,000 in sight long-term.
Bearish Case: A break below $84,000 could see it slide to $82,000 or even $80,000.
Volume is the key, watch for a spike to confirm either direction.
Broader Context and Tips
Long-term, Bitcoin’s fundamentals look solid with growing institutional interest and a crypto-friendly climate. But short-term, watch out for volatility triggers like US inflation data or Fed moves. For traders, focus on $84,000 support and $86,500 resistance, these levels will dictate the next trend. Set tight stops (e.g., just below $84,000 for longs) and keep an eye on news. Long-term holders should view $80,000 as the critical floor for the bullish trend to continue.
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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.