#bitcoin
đ Bitcoin Analysis: Are buyers running out of steam after another rejection at $87K?
Following the September pullback, Bitcoin is once again approaching a key resistance zone. The price structure remains bullish, yet technical levels and on-chain metrics point to significant hurdles for further gains.
đ Technical Outlook:
Daily: $BTC is trading around $85.2K, right up against the $86Kâ$90K resistance zone. Buyers have firmly held the $83Kâ$84K support level, signaling sustained demand. A "golden cross" of moving averages (near $71.5K) is potentially on the horizon, though not yet confirmed.
4-Hour: An ascending triangle is forming within an upward-sloping channel on the 4-hour chart. Resistance lies at $87Kâ$87.3K, while support is shifting higher ($84.5Kâ$85K). Price compression is occurring, which typically precedes a strong momentum move.
đ On-chain Sentiment (Realized Price):
The "1â3 month" and "3â6 month" holder cohorts are currently in profit (with average purchase prices of $69K and $71K, respectively).
However, the price remains below the average purchase price for the "6â12 month" and "18â24 month" cohorts ($88Kâ$89K). The convergence of technical resistance and the break-even point for these investors creates a potential zone of heavy selling pressure.
đŻ Key scenarios:
đą Bullish scenario:
A decisive breakout and consolidation above $87.3Kâ$87.5K would pave the way to $88Kâ$90K. If the bulls manage to surpass $90K (pushing long-term holders into profit), the next target would be the $94Kâ$98K range.
đŽ Bearish scenario:
Another rejection and a loss of the $84.5K support level risk driving the price down to $82.5Kâ$83K, and subsequently to the channel median near $81K. The primary support zone below lies at the $75Kâ$78K level.
đ Bitcoin Analysis: Are buyers running out of steam after another rejection at $87K?
Following the September pullback, Bitcoin is once again approaching a key resistance zone. The price structure remains bullish, yet technical levels and on-chain metrics point to significant hurdles for further gains.
đ Technical Outlook:
Daily: $BTC is trading around $85.2K, right up against the $86Kâ$90K resistance zone. Buyers have firmly held the $83Kâ$84K support level, signaling sustained demand. A "golden cross" of moving averages (near $71.5K) is potentially on the horizon, though not yet confirmed.
4-Hour: An ascending triangle is forming within an upward-sloping channel on the 4-hour chart. Resistance lies at $87Kâ$87.3K, while support is shifting higher ($84.5Kâ$85K). Price compression is occurring, which typically precedes a strong momentum move.
đ On-chain Sentiment (Realized Price):
The "1â3 month" and "3â6 month" holder cohorts are currently in profit (with average purchase prices of $69K and $71K, respectively).
However, the price remains below the average purchase price for the "6â12 month" and "18â24 month" cohorts ($88Kâ$89K). The convergence of technical resistance and the break-even point for these investors creates a potential zone of heavy selling pressure.
đŻ Key scenarios:
đą Bullish scenario:
A decisive breakout and consolidation above $87.3Kâ$87.5K would pave the way to $88Kâ$90K. If the bulls manage to surpass $90K (pushing long-term holders into profit), the next target would be the $94Kâ$98K range.
đŽ Bearish scenario:
Another rejection and a loss of the $84.5K support level risk driving the price down to $82.5Kâ$83K, and subsequently to the channel median near $81K. The primary support zone below lies at the $75Kâ$78K level.
