Bitcoin Faces Critical Test as Rally Fails to Break Key Level
Bitcoin’s recent rally has brought hope, but it hasn’t changed the bearish trend. The price climbed near $88,465, but it’s still below the crucial $88,500 mark. This level is vital for confirming a shift from bearish to bullish.
Without breaking $88,500 with strong volume, the market remains bearish. The current price action is seen as another lower high within the downtrend.Traders should be cautious.
- Bitcoin’s high at $88,465 is below the previous high of $88,500.
- A strong breakout above $88,500 is needed to confirm a bullish shift.
- Downside targets are $74,500 and $67,850 if the bearish trend continues.
Historically, $74,500 has attracted demand, but it could be vulnerable now. If the price falls below this level, the next support is at $67,850. This would confirm the ongoing bearish cycle.
For traders,the current setup suggests caution. The recent move looks strong on short-term charts, but it lacks confirmation on longer-term structures. Long positions are riskier unless tightly managed.
Expect Bitcoin to trade lower if $88,500 remains unbroken. liquidity sweeps near $74,500 are likely, with potential continuation toward $67,850. the bearish trend is dominant until proven otherwise.
source: TradingView
