The post Bitcoin’s Struggle: Will It Hit $90,000 or Drop to $48,000? appeared on BitcoinEthereumNews.com.

The post Bitcoin’s Struggle: Will It Hit $90,000 or Drop to $48,000? appeared first on Coinpedia Fintech News Bitcoin has been struggling really hard to reach its latest all time high at $73,000 for many months. However, every time it tries to go up, various market and non market conditions pull it back. Since its all-time high (ATH) in March, Bitcoin has been making lower highs and lower lows. This pattern suggests that buyers are gradually losing strength, allowing bears to take control. However, there was a slight shift with the most recent lower high; the chart formed a higher low. This change might indicate a potential trend reversal. Bitcoin’s Battle with Resistance Levels There are still a lot of negative signals in the market that are suggesting that Bitcoin can go down further towards $48,000. But this is not it, there are others signaling an upcoming trend reversal and bitcoin can create a new all time high around $90,000 in a few months. In the first week of August, Bitcoin touched the $49,500 mark twice in a single day. And right now, BTC is trading at $54,868 with a nearest support at around $52,546. We can not call it a strong support even though it prevented bitcoin from going down. The Impact of a Rare Death Cross One of the biggest concerns as of now is the creation of a rare death cross. It is a lagging indicator for sure, however, it possesses the power to spread fear in the market. We saw a similar crossover after BTC touched $48,000 in the first week of August. This acted as a resistance and stopped Bitcoin from crossing $62,000 and forced it to consolidate in the same area for a fortnight. Bullish Indicators Signal Possible Trend Reversal Things are changing for…

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Filed under: News - @ September 9, 2024 7:25 am