Bitcoin Fails to Break Through $85,000 Resistance
The Bitcoin price failed to break through the $85,000 resistance level despite favorable macroeconomic data and institutional buying. The cryptocurrency rose as high as $87,200 on Thursday, but retreated to around $83,000 by Friday.
According to a technical analysis, the Fibonacci levels suggest that the next significant support is at $80,000, followed by $76,500 and $72,500 in case of a deeper correction. The analysis also notes that the current consolidation below the main resistance levels may be a sign that the market is gathering strength for a larger move.
The article mentions that long-term holders are selling their coins as soon as they reach around $84,000 to $85,000, which could contribute to further downward pressure on the price. The same phenomenon is observed in the stock exchange data, where there is an accumulation of sell orders above $85,000.