- Bitcoin faces rejection at $94K and is trading between support and resistance.
- Bitcoin is now at key 4-hour moving averages after price pullback.
- Traders should wait for a breakout above $94K or a dip to $83K.
Bitcoin Rejects $94K Resistance and Pulls Back
Bitcoin has experienced a strong rally since the yearly open, but it recently faced rejection at the $94K resistance level. The cryptocurrency surged upward, but the $94K mark proved to be a significant barrier. Bitcoin could not break through this level and has since pulled back.
According to crypto analyst DaanCrypto, this rejection has left Bitcoin trading in a range, between key support and resistance levels. As a result, the price action has stalled, and traders are now waiting for the market to decide on its next move.
Bitcoin is currently testing the 4-hour 200MA and EMA, indicating that the price is hovering around the middle of its range. This suggests that Bitcoin is in a consolidation phase, with the market undecided on whether to continue the upward movement or reverse direction.
The $94K resistance is a critical level for Bitcoin, and its inability to break through could lead to further price fluctuations in the short term. The cryptocurrency is now looking for either a breakout above $94K or a potential dip toward $83K support before any clear trend emerges.
Bitcoin Remains in Range, Waiting for Breakout or Retracement
Bitcoin’s failure to break above $94K has resulted in a range-bound market, with price movements confined between the resistance at $94K and support near $83K. DaanCrypto suggests that traders should exercise patience as the market might take weeks to make a definitive move.
The analyst recommends waiting for a clear breakout above the $94K resistance or a potential dip to $83K before taking further action.
This indecision in the market is typical after a strong rally, as price action often stalls at critical resistance levels. The current range-bound movement implies that Bitcoin may remain in this phase until a major breakout or breakdown occurs.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
