Bitcoin’s Path to $90K Faces Key Resistance
- Matt Mena identifies $85,000 as a resistance level for bitcoin before potentially advancing to $90,000.
- Bitcoin experienced a decline below $85,000 due to hotter-than-expected core CPI results.
- Mena projects ether prices between $2,800-$3,000 and solana at $130 by the end of the quarter.
- U.S. spot bitcoin ETFs saw net inflows of $175.62 million on Oct. 13.
- Ether funds returned to positive flows with an influx of $24.84 million after ten sessions of redemptions.
The potential for bitcoin to reach $90,000 hinges on overcoming the current resistance at $85,000 amid recent inflation data impacts. This comes as institutional investments in bitcoin and ether show renewed interest through ETF inflows.
Mena’s analysis suggests that despite recent price fluctuations due to inflation readings, both bitcoin and ether may see upward movement with ongoing institutional support and economic developments clearing uncertainty (Source).
