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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Faces Triple Resistance As Price Rejection Persists

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Over the past trading week, Bitcoin (BTC) failed to make any significant price breakout, experiencing rejections at the $86,000 price region. While the market suffered no major price pullback, the high level of sideways price movement indicates a strong investor uncertainty.

Interestingly, popular market analyst with X username Daan Crypto has provided an insightful technical analysis on the BTC market, highlighting the present barriers that are restricting an upward price movement.

Bitcoin Multiple Barriers: 200-Day EMA, 200-Day MA, And Diagonal Trendline In Focus

Since hitting a new all-time high in late January, Bitcoin has slipped into heavy correction, losing over 22% of its market price. The majority of the price loss has been linked to international trade tariff crises, which have forced investors to seek relief in less risky assets.

However, a pause in new tariffs and an onset in global negotiations soon accompanied a price rebound seen in early April. Albeit, Bitcoin is now struggling to break out of the $84,000-$86,000, forming a tight consolidation range.

Bitcoin

In performing a technical analysis on the current BTC market, Daan Crypto has identified the three resistance factors that have been active in the specified price zone. 

The first price opposition is a diagonal downtrend line formed by Bitcoin’s consistent lower lows and lower highs amidst the price correction in the past three months. To establish any intent of a trend reversal, Bitcoin bulls must force a convincing price breakout above this long-standing diagonal resistance. 

Other critical indicators are the 200-day Exponential Moving Average (EMA) and 200-day Simple Moving Average (MA), both of which provide an average of the past 200 days’ prices, with the EMA giving more weight to recent prices. 

The 200-day EMA is important in spotting medium-to-long-term trend changes as it reacts faster to any price change than the 200-day MA, which is a classic long-term indicator. However, Bitcoin must move above both indicators to break out of its consolidation and perhaps experience a full price recovery.

Bitcoin Ultimate Resistance At $90,000-$91,000 

Despite Bitcoin’s struggles in the $84,000-$86,000 price zone, Daan Crypto has warned that the asset’s ultimate test of a price reversal is at the $90,000-$91,000 price range, which served as a key support in the earlier phase of the bull cycle.

A successful reclaim of this range would place Bitcoin back into the bullish trading zone, signaling a potential resumption of the broader bull market. At press time, BTC continues to trade at $84,868 following a 0.13% gain in the past day. Meanwhile, the daily trading volume is down by 42.34% and valued at $12.52 billion.

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