Bitcoin Price Hits Resistance at $87,000, Analysts Warn of 8-10% Correction

The price of Bitcoin has stalled at $87,000, with analysts warning of a possible 8-10% correction. Despite repeated attempts to break through the $87,000 resistance zone, the price has remained above $85,000. Analyst Niels believes that the repeated rejections could precede a correction, as the liquidity around $87,000 continues to build.

CryptoQuant data shows that long-term holder activity has remained moderate, with a decline in Coin Days Destroyed. This suggests that older wallets are not aggressively selling their Bitcoin, which could be a bullish sign. However, the on-chain data does not guarantee a breakout above $87,000.

The next key level for Bitcoin is still $87,000, and a sustained move above it could trigger leveraged short liquidations. However, another failure to break through this level would keep sellers in control of the range ceiling. Analyst Niels predicts a retracement to $78,000-$80,000 if the price does correct.