Bitcoin Price Tests Crucial Level as Bearish Trend Remains
The Bitcoin price has been attempting to break out of its bearish structure, according to an analysis on TradingView. The Fibonacci retracement analysis suggests that the current price ($91,310) is piercing through the 0.382 Fib level ($91,130). This is a crucial test for bulls, and closing the daily candle above this level could indicate a sustainable recovery.
However, the Middle Band (20 SMA) of the Bollinger Bands sits at $96,874, which means the immediate trend is still technically bearish. The price often gravitates towards this mean to test it as resistance, creating a 'confluence zone' of heavy resistance between $96k and $97.5k.
The analysis also identifies a potential breakout from a diagonal trendline, which could be a classic signal for a bullish move. According to the plan, the price should rally to the confluence zone ($94k - $97k), pull back to set a Higher Low (likely retesting the $87k - $91k region), and then blast through the previous high of $107,925.