Bitcoin’s price has been struggling to break above $86.8k resistance, despite some hopeful signs from lower timeframes. The liquidation heatmap shows that bulls should be cautious taking long positions on BTC due to selling pressure in February.
Recent trading has seen the asset trade above $82k support level over the past week, but a bullish outlook is not evident on the 1-day timeframe. However, long-term holders have shown a preference for HODLing (holding onto) rather than selling, indicating some potential for recovery.
The daily chart remains bearish, with the Order Book Volume (OBV) in a downtrend since February and the Awesome Oscillator showing decreased momentum. The Bitcoin price fell below a 3-month-old range in early March but appears to have formed a new range, with $86.9k serving as both support and resistance.
A move below $83k could trigger a bearish trend, while a breakout past $86.8k could initiate an uptrend. Traders must be prepared for the Bitcoin price to gravitate towards $88k before facing rejection. A rejection at either resistance level could present an opportunity to short-sell the asset.
It’s essential to note that this is not investment advice and should not be taken as such. The information presented is solely the writer’s opinion.
Source: https://ambcrypto.com/bitcoin-bulls-struggle-to-breach-86-8k-resistance-will-bears-make-a-comeback