Bitcoin bulls are maintaining their momentum as they push to break through the critical $90,000 resistance level. A positive sign for buyers is the consistent inflow into U.S. spot Bitcoin exchange-traded funds (ETFs) for eight consecutive trading days, indicating renewed institutional interest. While Bitcoin faces selling pressure at this key level, the bulls have successfully defended the 20-day exponential moving average, highlighting strong underlying demand and the potential for a breakout.
BTC/USDT Daily Chart:
After reaching its all-time high of $109,588, BTC entered a Descending Triangle pattern, finding strong support at $90,000. However, the asset eventually broke below the pattern, leading to a price drop to $76,606. BTC then formed a Bullish Engulfing candle, triggering a relief rally up to $88,765. The asset now faces significant resistance at $90,000 and $100,000. A decisive breakout above these levels, supported by strong volumes, could pave the way for BTC to rally further and establish new all-time highs.
In the grand scheme of things, ZebPay blogs are here to provide you with crypto wisdom—get started today and join 6 million+ registered users to explore endless features on ZebPay!
