$BTC
is approaching a key decision point.
Price has been grinding higher inside a rising channel, consistently printing higher highs and higher lows.
The upper boundary now lines up almost perfectly with the monthly open around $83.6k, while the $84k region right above also marks the previous intermediate timeframe high.
This creates a pretty heavy resistance cluster, especially considering that $84k is an area many traders are likely watching for shorts.
A rejection from this region could send price back towards $81.5k-$81.8k for another test of the lower part of the channel.
If buyers manage to reclaim the previous high around $84k instead, I’d expect BTC to continue towards the range highs around $87k. #BTC Price Analysis# #Macro Insights#
is approaching a key decision point.
Price has been grinding higher inside a rising channel, consistently printing higher highs and higher lows.
The upper boundary now lines up almost perfectly with the monthly open around $83.6k, while the $84k region right above also marks the previous intermediate timeframe high.
This creates a pretty heavy resistance cluster, especially considering that $84k is an area many traders are likely watching for shorts.
A rejection from this region could send price back towards $81.5k-$81.8k for another test of the lower part of the channel.
If buyers manage to reclaim the previous high around $84k instead, I’d expect BTC to continue towards the range highs around $87k. #BTC Price Analysis# #Macro Insights#