Key Points:
- Bitcoin (BTCUSD) trades at $84,914.31, testing resistance near $85,000.
- The cryptocurrency faces resistance at $85,200, with $84,500 providing immediate support.
- MACD shows weakening bullish momentum, indicating possible short-term consolidation.
- Market focus remains on U.S. economic data and Fed policy, influencing Bitcoin’s price direction.
Bitcoin Price Faces Resistance Below $85,000
Bitcoin’s price action has been testing key resistance levels around $85,000 after a slight dip below that level. Currently, the price stands at $84,914.31, after peaking at $85,134.25 earlier in the session.
Market Expectations and Influences on BTCUSD
The market remains cautious, with attention turning to the U.S. economic data and Fed policy announcements, which could influence broader market sentiment, including Bitcoin. Fed Chair Jerome Powell’s remarks about waiting for more data on U.S. economic trends could provide volatility to the markets, potentially weighing on Bitcoin’s price.
Despite Bitcoin’s short-term challenges, its price could continue to test resistance levels, especially if economic conditions prompt further safe-haven demand for digital assets.
Technical Outlook for Bitcoin
Picture: BTCUSD tests resistance at 85134.25, as seen on the VT Markets app.
BTCUSD declined by 0.26%, closing at 84914.31 after opening at 85134.44. The pair reached a high of 85134.25 before retracing.
The moving averages (MA 5,10,30) indicate consolidation, with short-term averages aligning with longer-term ones. The MACD shows mild bearish pressure, with the MACD line below the signal line.
Bitcoin’s outlook in the short term remains neutral to bearish, with $85,000 acting as a key resistance zone. A break above $85,200 could open the door for further gains toward $86,000 or $87,000, but failure to do so may see the price move back toward support levels at $84,500 and $84,000.
Traders will closely monitor any U.S. economic reports and Fed policy signals for further insights on Bitcoin’s direction.
