Crypto: Bitcoin Price Rejected At $90k Again: What Will Trigger A Breakout?
Heavy outflows from Bitcoin ETFs have diminished, putting BTC price in a better position to overcome the next hurdle at $93,000.
Bitcoin’s (BTC) pre-FOMC rally on Wednesday stalled at $90,000 amid stiff overhead resistance and weak ETF demand. Still, several data points suggested that upward momentum may increase once the BTC/USD pair breaks above $93,000.
BTC bulls must flip the $90,000-$93,000 range into new support.
Spot ETF outflows are stabilizing, suggesting a reduction in institutional sell pressure.
The BTC/USD dropped into a new range between $86,000 and $90,000, where it has been stuck since Jan. 20.
“Bitcoin is back to retesting $86,000-$87,000 range,” co-founder of Crypto India Aditya Singh said in a recent post on X, adding that the key support for Bitcoin is the 100-week moving average at $87,500.
Related: Bitcoin rallies expected to be short-lived until liquidity returns: Data
The chart below shows that the main resistance sits between the 50-day simple moving average (SMA) at $90,000 and the 100-day SMA at $94,000.
Zooming out, Bitcoin “may not be as weak as many people think,” analyst Jelle said in a Wednesday post on X.
The downtrend is broken, and the lows have been taken out in the weekly time frame, Jelle said, adding:
Source: CoinTelegraph
