How Will Bitcoin (BTC) Move From Now On? Analysis Firm Explained: “First Fall, Then Rise! Here Are the Critical Levels!”
Bitcoin has risen above $94,000 with its rapid recovery in recent days. However, BTC could not hold on at this level and fell to $92,000.
As investors remain cautious, it remains unclear whether the recovery in Bitcoin is permanent or temporary.
At this point, cryptocurrency analysis company Swissblock shared its current Bitcoin analysis.
Analysts at Swissblock stated that Bitcoin is facing significant resistance in the $94,000-$95,000 range. Analysts stated that this resistance must be overcome in order for BTC to continue its rise.
On the other hand, analysts also stated that they expect a pullback in Bitcoin in the near future, saying, “Bitcoin’s next logical move could be a pullback to gain momentum for an authentic rise.”
At this point, analysts stated that they expect the BTC price to test the $89,000 – $90,000 support range, while this temporary correction could allow the price to generate enough strength to push higher and present a buying opportunity for buyers.
Given Bitcoin’s structural strength, potential pullbacks will be viewed as buying opportunities, analysts noted.
“The $94,000-$95,000 zone is clearly a resistance that needs to be overcome.
A pullback seems like the next logical move to gain more bullish momentum, but for how long?
The $89,000-$90,000 zone could be the next area to test the bulls, but given BTC’s structural strength, these dips are buying.”
*This is not investment advice.
