- Bitcoin cannot sustain above $90,000 amid low trading volumes.
- Support levels identified between $80,000-$84,000.
- Thin holiday trading influences price dynamics.
Bitcoin has encountered resistance at $90,000, unable to sustain above it amid low holiday trading volumes. Prices hover around $87,000โ$88,000, with potential support at $80,000โ$84,000 if critical levels are breached.
Bitcoin faces difficulty breaching the $90,000 resistance level, demonstrating market hesitance during holiday seasons. Trading volumes remain thin, with current BTC prices fluctuating between $87,000 and $88,000.
Bitcoin Struggles to Breach Resistance
Bitcoin continues to grapple with the $90,000 resistance zone as holiday trades remain light. Prices hover around $87,000โ$88,000, and analysts suggest a potential support zone between $80,000โ$84,000 if current levels break.
While Bitcoin itself lacks a formal leadership structure, insights from industry figures such as Matt Hougan, CIO at Bitwise, suggest a shift from past cycles. Hougan indicates a longer-term upward trend with lower volatility:
โI think the four-year cycle is less important now than it was in the past. Weโre not in a four-year cycle anymore. Weโre in a 10-year grind upward with strong returns and lower volatility.โ
Recent failures to break the $90,000 threshold echo prior resistance challenges post-halving, raising concerns about supply exhaustion. Although spot accumulations sparked brief price increases, the market remains cautious without clear breakout signals.
Market Outlook and Analysis
Despite the impact on financial markets, direct changes in government policies or institutional investments remain absent. This scenario affects both retail and institutional investors eyeing potential $85K put options and potential increased volatility.
Market analysts warn of heightened volatility if Bitcoin fails to break above $90,000 with significance. Historical charts show no red yearly closes post-halving, indicating potential upward trends if key barriers are convincingly broken.
Potential future outcomes hinge on Bitcoinโs ability to sustain new highs, with analysts watching for signals such as ascending channels and RSI/MACD patterns suggesting accumulation. The outcome could influence technological advancements in blockchain applications.
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