Bitcoin Fails to Hold Above $86K for the Past Month
Bitcoin is repeatedly failing to hold the price above $86K over the past month.
The cryptocurrency’s daily trading volume has shown a dip of 13.18% as per CMC data. In the last 24 hours, the crypto market has shown a modest upward movement. The overall market cap shows a slight increase of 1.17%, however, the overall consolidation still remains. On the other hand, the ETF market saw some action with VanEck filing for a new ETP product. Regulatory actions in crypto continue uninterrupted.
Notably, on reverting to the crypto market, Bitcoin is currently docked at the $84K level. Over the past day, BTC revisited its $83K support before moving upwards. While this has seen a modest positive effect in altcoins such as Solana, BTC still has a long way to go.
In the afternoon hours of April 16, the cryptocurrency was trading at a low of $83,586. However, as bullish candles sparked it rose to current levels. At the time of writing, Bitcoin was trading at $84,378.02 as per CMC data.
On the other hand, traders have been losing patience over the cryptocurrency’s continuous struggle with the $86K resistance. Even in the past day, Bitcoin tested the $85K level but failed to hold prices. However, analysts expect that if it surpasses the resistance, there are chances of upward movements.
Will Bitcoin Advance to $90K on Tackling $86K?
Prominent market analyst Ali posted a prediction on X recently. He says that on the weekly chart BTC shows a buy signal. This he stated is resultant from expecting a sustained close of the TD sequential indicator near $86K. This could then open gates for $90K and possibly even $95K.
On turning to its technical indicators, Bitcoin shows mixed signals. Its Moving Average Convergence Divergence (MACD) line stands below the signal line indicating the overall bearish trend. However, its RSI value stands at 51.65 as per TradingView data.
This suggests that the market sentiment and investors hold a somewhat positive attitude toward the cryptocurrency. As predicted by Ali, if Bitcoin overpowers the bears at $86,000 it might reestablish the bullish trend.
Meanwhile, other altcoins such as Raydium have shown significant upward movements in the last 24 hours.