Bitcoin is again testing a crucial resistance level at $84,000, with recent price action suggesting a potential breakout. The latest trading data indicates that while BTC has faced multiple rejections at this level, each subsequent rejection appears weaker, hinting at a diminishing resistance. Analysts are closely watching the price movements, as a daily close above this barrier could set the stage for continued upside momentum.
Bitcoin has struggled to move decisively past the $84,000 resistance, consistently closing below this level on the daily chart. The latest data from TradingView, shared by market analyst @rektcapital, highlights the persistent resistance that has prevented BTC from breaking out. However, the nature of these rejections is becoming less aggressive, suggesting that sellers may be losing strength.
Despite Bitcoin’s inability to secure a daily close above $84,000, the price action indicates a gradual weakening of resistance. Typically, strong rejections result in significant downside moves, but the current pattern suggests that a shallower pullback follows each rejection. This behavior aligns with a scenario where BTC consolidates before attempting a breakout. Bitcoin could soon close above $84,000 if this weakening resistance continues, flipping it into a new support level.
Bitcoin: Market Sentiment & Next Move
The sentiment in the crypto market remains cautiously optimistic. While Bitcoin has seen increased volatility in recent weeks, traders are monitoring technical indicators such as the Relative Strength Index (RSI) for confirmation of a potential breakout. The RSI shows a gradual recovery from oversold conditions, indicating strengthening bullish momentum. This aligns with Bitcoin’s recent resilience despite facing strong resistance.
A daily close of $84,000 would be a critical development for Bitcoin. Such a move would confirm a successful breakout, allowing BTC to reclaim the level as new support and potentially push toward new highs. Conversely, if Bitcoin fails to break through and faces another rejection with stronger downside follow-through, the market could see further consolidation or a temporary pullback. Traders and investors closely watch the next few daily closes to determine Bitcoin’s next direction. If the weakening resistance persists, BTC could be on the verge of a significant move to the upside, opening the door for new bullish momentum.
