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Bitcoin is preparing to rise again

Technical Analysis
By Mostafa Mahmoud
Bitcoin is preparing to rise again
0 7

BTCUSD

البيتكوين

Bitcoin is moving in an upward trend in the medium term and has encountered selling pressure at the $90000 level. It is likely to retest the support level at $82200.

Support

 82200 76850 72730
Resistance 90000 90500

100000

Bitcoin recently experienced a notable decline, reflecting increased volatility and cautious sentiment among investors. This pullback from recent highs has triggered a technical adjustment in Bitcoin’s medium-term trend. The selling pressure observed around the $90000 level highlighted a resistance point, with prices subsequently dropping and approaching the support area near $82200.

Despite this drop, Bitcoin maintains a generally upward trajectory in the medium term. The recent correction could serve as a consolidation phase, potentially allowing for renewed momentum should buyers step in near established support zones. If Bitcoin stabilizes around current levels, there’s a possibility of an upward reversal, targeting previous resistance points. However, further declines below key support levels, like $82200, may signal a prolonged correction. Traders and investors are now closely monitoring these critical levels to assess Bitcoin’s next move in response to market sentiment and macroeconomic factors.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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