Bitcoin price presses between two decisive levels .. Is the next destination 74,000 or 91,000 dollars?

After recovering from the lowest level in five months, Bitcoin tries to restore resistance at $ 84,000, but this move occurs amid a clear price pressure between two main levels, which raises expectations of new fluctuations in the market.

Bitcoin tests the dumping line for four months

During the past week, Bitcoin moved within a range of 74,000 and 84,000 dollars, in light of the disturbances of the markets as a result of an escalation in commercial tensions, and after touched the level of $ 84,720, the currency returned to decline to 74,773 dollars, which is the lowest level in five months, as a result of the market correction during this week.

This performance made the price threatened to fall towards support at $ 69,000, with a decline of up to 13.7%, especially since the price needed the daily closure above $ 78,500 to start a short -term recovery, yet the price increased by 13.5% since the bottom of Monday, trying to exceed the barrier of $ 84,000.

The sudden recovery came after US President Donald Trump announced a temporary suspension for a period of 90 days on the customs duties imposed on more than 75 countries, a decision that paid digital currencies and stocks to increase between 6% and 10% in just one hour.

But the enthusiasm soon decreased the next day, as the Bitcoin price again decreased to a support level at $ 79,000 by approximately 5%, and according to analyst Alex Clay, restoring broken support at $ 80,000 and penetration of the battle resistance line that lasted four months is essential to confirm the change of direction, as the short -term structure is still tending to land.

Despite this, the analyst pointed out that the increase of 7% during the past twenty -four hours led to adhering to major support areas, which nullified the negative scenario temporarily, although confirmation of penetration of the level of $ 84,000 is still necessary to enhance the market optimism.

Do Bitcoin prepare for more fluctuations?

Analyst “Rick Capital” indicated that Bitcoin has succeeded in re -testing the support level of $ 78,500, but she faced rejection at the downward trend, which makes the price currently limited to these two levels, and such pressure is usually a prelude to violent price movement in one of the two directions.

The analyst also noted that the currency shows an important technical intersection as it continues to form higher peaks on the RSI index (RSI), while lower price is recorded, as this technical phenomenon, which is known as the positive breakthrough, was repeated during the current session several times and was usually preceded by a bullish reflection in the direction.

During the recent decline in Bitcoin prices to the levels of the seventy thousand, the relative strength index touched the levels of 23.93, which are similar levels of what the descending market witnessed in 2022, and the lowest level of this indicator during the current session was in August 2023 at 18.28, and every time the index reached below 25 it was followed by a gradual rise.

On the other hand, analyst “Ali Martinez” believes that Bitcoin may return to test support at $ 74,000, as he noticed the formation of a similar price pattern for the letter “W” in the weekly range, while the last price movement began to indicate a new “M” pattern, which may lead towards the bottom limit of this range.

But on the other hand, the analyst stressed that Friday’s performance shows that Bitcoin succeeded in penetrating resistance at 82,360 dollars, and advanced about 84,000 dollars to reach a daily top at 84,220 before it declined slightly to 83,500, and indicated that a stable penetration over these levels may open the way towards a new goal at 91,500 dollars.