Opinion: Bitcoin tests key resistance level for the third time in half a year, failure may lead to a drop below $60,000
ChainCatcher reports, according to analyst Alicharts, Bitcoin is currently at a critical point for a trend reversal. Bitcoin is testing the resistance of the 100-day Simple Moving Average (SMA) for the third time in six months. The previous two attempts both failed: in October last year, Bitcoin was rejected, resulting in a drop from $116,000 down 30% to $80,000. In January, Bitcoin was again rejected, leading to a decline from $97,000 down 39% to $59,800.
Alicharts warns that a third rejection here would be a significant structural failure. It could trigger the triple-top effect, potentially pushing the Bitcoin price back to the yearly low of $59,800. If BTC is ultimately able to break through this barrier and close above the 100-day SMA, the ceiling will be broken. A breakout here would open a direct path toward $80,000 – $84,000, confirming that the macro correction may have ended.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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