Bitcoin (BTC) continues to show subtle bullish undertones despite a marginal 0.97% decline today, bringing its price to $84,694.73. The daily chart presents a compelling setup, with price action nudging above the midline of the Bollinger Bands—a classic sign of growing upward momentum. After a prolonged consolidation phase, this movement hints at a shift in sentiment as bulls attempt to reclaim dominance. The tightening of the Bollinger Bands in recent weeks, followed by their gradual expansion, suggests that BTC could soon see a decisive breakout.
Currently, the Bollinger Bands (20, SMA) display early signs of volatility resurgence. The upper band now stands at $88,723.44, acting as immediate resistance, while the lower band supports at $77,392.08. Bitcoin’s flirtation with the upper region of this envelope is a bullish signal, particularly if the price closes convincingly above the upper band. Such a move could validate a rally towards the critical $90,000–$95,000 range. However, if sellers regain control, a fallback to the $80,000–$83,000 consolidation zone remains likely.
Reinforcing this outlook is the MACD (12, 26, close), which shows a narrowing gap between the MACD line (-803.81) and the signal line (-1,273.06), hinting at an impending bullish crossover. The histogram flipping green with a current value of 469.25 reflects growing bullish momentum. Historically, this technical setup often precedes short-term price surges. The momentum, while early, shows a favorable shift in sentiment that could translate into a stronger move if supported by volume.
Despite these bullish indicators, caution remains warranted. Bitcoin is still below its 20-day SMA, meaning a trend reversal is not yet confirmed. The upper Bollinger Band poses a formidable barrier. Traders should look for confirmation via a strong daily close above $88,700 and increasing trading volume. A failure to sustain current levels may result in another phase of sideways movement or a minor retracement.
Given the technical landscape, Bitcoin is likely to challenge the $86,000–$88,000 resistance zone in today’s session. A break and hold above $88,723 could accelerate bullish momentum, targeting the psychological $90,000 level. Conversely, rejection of this barrier may trigger a pullback to $82,000 or below. Momentum indicators favor the bulls, but conviction from buyers is crucial to sustain the trend.
Bitcoin is entering a critical phase where momentum indicators and price structure hint at a bullish breakout. The widening Bollinger Bands, combined with a near MACD crossover, paint a promising technical picture. However, a clear break above key resistance levels is essential for further upside. Traders should stay alert today as BTC tests the upper bounds of its recent range—success here could mark the beginning of a broader upward move toward $90,000 and beyond.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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