Bitcoin Price Struggles to Break $85,600 Barrier
- Bitcoin‘s price held support at $83,130 on October 1 after failing to surpass $84,360.
- Market data showed zero bullish signals from oscillators but recorded thirteen bullish readings from moving averages.
- A daily close above $85,600 or below $82,555 is needed for Bitcoin to break its current range.
- On September 30, Bitcoin reached a high of $85,600 but closed lower at $84,077 on heavy trading volume.
- The daily chart shows a two-week consolidation between $82,555 and $85,600 following a peak of $87,373 on September 21.
Bitcoin’s price remains in a tight range as it struggles to break the key resistance level of $85,600 despite multiple bullish moving average signals. The lack of confirmation from oscillators suggests momentum is not supporting an upward breakout yet.
The market remains range-bound between $82,555 and $85,600 until a decisive daily close occurs beyond these levels. This consolidation phase follows Bitcoin’s recent high near $87,374 in late September.(Source)
