Bitcoin is struggling to break through the crucial resistance at the 200-day moving average. A successful reclaim of this level could pave the way for a rally toward the $90K region.
Technical Analysis
By Shayan
The Daily Chart
BTC has rebounded from the ascending wedge’s lower boundary, aligning with the 0.618 Fibonacci retracement level at $78K. However, it now faces a significant resistance zone near the 200-day moving average ($85K), a level historically associated with strong supply and selling pressure.
A breakout above this key resistance could trigger a short-squeeze, potentially propelling Bitcoin toward the $90K mark. However, the presence of strong sellers at this level suggests that further consolidation is the more likely short-term outcome. If Bitcoin faces rejection, a retest of the ascending wedge’s lower boundary ($78K) could be imminent.
The 4-Hour Chart
On the lower timeframe, BTC has approached the upper boundary of a descending wedge at $85K. This pattern often
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