BTC nears resistance zone as analysts flag potential pullback to $76,600
The post BTC nears resistance zone as analysts flag potential pullback to $76,600 appeared on BitcoinEthereumNews.com.
Key resistance zone flagged between $86,549 and $88,244. MicroStrategy buys 6,556 BTC worth $555.8 million. $90,000 is seen as a psychological and technical barrier. Bitcoin has surged back to near $89,000, inching closer to its all-time high and setting the stage for what could be a significant breakout. According to crypto analyst Michael van de Poppe, the flagship cryptocurrency is now approaching a crucial resistance band between $86,549 and $88,244. This level has historically been difficult to breach, often leading to temporary corrections. However, the current market sentiment, combined with macroeconomic cues like a potential US-China deal, is fuelling speculation about a fresh rally past $90,000. In a tweet posted earlier this month, van de Poppe shared a technical chart highlighting Bitcoin’s rebound and its current position near a historical resistance level. He suggested that Bitcoin may first dip to retest support at $80,982 before making another attempt at a breakout. A further decline to $76,604 is also possible if current support fails to hold, marking a retest of a previous support level that could now act as resistance. Bitcoin gains 1.5% as whale accumulation boosts sentiment Bitcoin’s rise above $88,500 has been aided by strong accumulation from institutional players. Notably, US-based corporate holder MicroStrategy recently acquired 6,556 BTC at a total cost of around $555.8 million. The purchase comes amid growing interest in Bitcoin as a hedge against inflation and geopolitical risks, and appears to have given the market a confidence boost. According to CoinMarketCap, Bitcoin gained 1.5% in the past 24 hours, adding to its 4.7% weekly gain. The surge has also lifted overall crypto market capitalisation past $2.7 trillion. Source: CoinMarketCap Van de Poppe noted that despite nearing overbought territory, the market may remain bullish if Bitcoin consolidates above $88,000. A sustained rally past $90,000 could open…
