Bitcoin Approaches Critical Resistance Zone After Recent Rally
- Bitcoin recently climbed back above $80,000, supported by strong inflows into Spot Bitcoin ETFs.
- Analyst Tara highlights that Bitcoin’s price broke above the macro 0.382 retracement level without establishing stronger support below it.
- The current rally is seen as a counter Wave B move within a larger corrective ABC trend, with resistance between $85,200 and $93,000.
- A rejection from this resistance band could potentially bring Bitcoin’s price below $60,000.
Bitcoin is approaching a major resistance zone after its recent rally above $80,000. The lack of strong support below the current price level raises concerns about the sustainability of this upward movement.
If Bitcoin fails to break through the resistance between $85,200 and $93,000, it may face a significant downturn. This highlights the importance of monitoring these key levels for future price action decisions. (Source)
