Bitcoin (BTC) has gained 5% in the past 24 hours, climbing to approximately $85,309. This upward movement follows a phase of consolidation, suggesting a resurgence of bullish sentiment in the market. The recent price surge appears to be fueled by growing investor confidence, supported by macroeconomic factors, institutional demand, and positive on-chain data. Bitcoin’s Price Action Bitcoin has surged past its 200-day moving average (MA), a vital indicator of long-term market trends, currently at $84,632 This breakout reflects strong buying interest and a positive shift in momentum. However, with the Relative Strength Index (RSI) nearing overbought levels, there is a possibility of a short-term retracement despite the prevailing bullish sentiment. BTC Price Action Prediction We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Key Resistance Levels BTC faces a significant resistance level at $90,000, a psychologically important price point that has previously acted as a barrier. A decisive breakout above this level, backed by high trading volume, could open the door for further gains, potentially pushing BTC toward $100,000 and even $120,000. Beyond $90,000, the next major resistance stands at $95,000, with traders watching closely for a move into price discovery mode if BTC breaks past previous all-time highs. Critical Support Zones On the downside, $84,600 has emerged as an important support level. If Bitcoin fails to hold this, sellers may gain momentum, potentially dragging the price back to $80,000. Further downside pressure could see BTC retesting the $75,000 support area, where buyers are likely to step in. Market Sentiment and Future Outlook On-chain data indicates that large investors (“whales”) are accumulating BTC, reinforcing a bullish outlook. Institutional participation and potential ETF inflows further support the market’s optimism. That said, traders should remain cautious of profit-taking at higher levels and potential market-moving events such as inflation reports and regulatory developments, which could introduce volatility. If BTC maintains its strength, it could be on track to challenge new all-time highs in the coming months. 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. Follow us on X , Facebook , Telegram , and Google News The post “Bitcoin Surges 5% in 24 hours: Key Support and Resistance Levels to Watch” appeared first on Times Tabloid .
