At $87,300, Bitcoin is up against some formidable resistance. It has been turned back at this mark on four occasions now, and Coin Bureau’s latest analysis suggests that how it fares here will be telling. A successful breakout could put BTC on a trajectory to $98,000; if it cannot make headway, expect the market to go sideways.
The $87,300 Level: Why It Matters
The host of Coin Bureau points to those four rejections as evidence that $87,300 is a critical level in today’s market. Each time the price has come within reach, sellers have had the upper hand over buyers. For an investor or trader, that kind of pattern is a clear indication of the selling pressure at work.
That said, getting past this hurdle is what is needed for an upward trend to take hold again. The analyst at Coin Bureau was clear on the matter: a close above $87,300 would be the catalyst for more buying activity as traders look ahead to the next big target.
What’s Next If Resistance Breaks or Holds?
According to the analysis put forward on Coin Bureau Live, a break above $87,300 is what is needed for Bitcoin to put key resistance behind it and set its sights on $98,000. That figure is no small matter; it was the last swing high of note prior to the asset’s 30% correction. Such a move would be seen as a sign of bullish momentum returning and should draw in more market participants.
On the other hand, an inability to clear $87,300 will have the Coin Bureau analyst predicting a sideways consolidation. One can expect Bitcoin to trade in a range with little direction as the market works out where to go next. It is not unusual for an asset to show this kind of indecision when it is held under a major resistance level.
Support Levels and Market Implications
A Coin Bureau analyst puts the emphasis on the $76,000 region even if a Bitcoin pullback were to bring it down to the $81,000 support. The reason for that is the ample liquidity and volume found in the $76,000 zone; over the course of past market cycles it has been a proven strong support, with the asset making a number of bounces off that level.
Those new to the market would do well to pay attention to such figures, as short-term direction is frequently set by these support and resistance areas. More can be expected from the analyst in his work on Coin Bureau Live as Bitcoin comes to test them.
This article reflects the channel author’s opinion and is not investment advice.
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Source — Coin Bureau: https://www.youtube.com/watch?v=BYOqlm6tZqI
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