Key Points
- Bitcoin’s price trajectory shows a bullish trend, with potential for further gains.
- Key resistance levels to watch include $90.5k and $94.3k, which are Bitcoin’s immediate bullish targets.
Bitcoin’s [BTC] price has been on a bullish trend over the past week, with an increase of 6.88% compared to last Tuesday’s low at $81.1k.
This increase indicates that long-term investors, or HODLers, are still making profits as the realized price continues to rise.
Breaking Local Resistance
Since late February, Bitcoin’s price has been trading within a range of $79.2k to $94.3k. On March 24th, it surpassed the local resistance of $86.8k.
Despite a minor 2% pullback following this move, Bitcoin still shows potential for further gains. The price action on the 4-hour chart remains bullish, supported by higher highs and higher lows over the past week.
The CMF indicates bullish momentum with a reading of +0.16, reflecting strong capital inflows. The OBV has also been gradually rising over the past ten days.
Key Resistance Levels
The key resistance levels to monitor are $90.5k and $94.3k, which represent Bitcoin’s immediate bullish targets.
The 1-week liquidation heatmap showed rejection at the $88.2k liquidity cluster on March 24th. Another significant liquidity pocket has formed between $88.9k and $89.7k, just below the $90k psychological level.
A strong magnetic zone was identified at $83k, but its distance from the current BTC price of $86.6k suggests an upward move is more likely.
However, a bearish reversal could occur in the $89k-$89.7k range. Swing traders should consider taking profits in this region. The next resistance at $90.5k may present a challenging hurdle for the bulls.
Please note that this information does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
