- Bitcoin tested $94K resistance multiple times but failed to break it.
- Bitcoin closed both daily and weekly candles below $94K resistance.
- The next key resistance level for Bitcoin is around $100K, near EMA.
Bitcoin Struggles to Break Past $94K Resistance
Bitcoin’s price has faced significant challenges in breaking past the $94,000 resistance level. After multiple attempts to close above this level, Bitcoin was unable to sustain a breakthrough.Â
Bitcoin closed a daily candle above $94K for the first time in two months. However, this move did not hold, and the price dropped below the resistance level once again. This struggle highlights the strength of the $94K resistance and Bitcoin’s difficulty in pushing past it.
Crypto analyst Lark Davis noted that despite the recent attempts, Bitcoin failed to close above the key resistance level on both the daily and weekly candles. This price action suggests that Bitcoin faces strong resistance at the $94K mark.
Bitcoin Eyes $100K Resistance With 200-Day EMA in Focus
The focus now shifts to the $100K mark, which is the next major resistance level for Bitcoin. Davis points out that the 200-day exponential moving average (EMA) is around this price point, adding additional significance to the $100K level.
This makes $100K a key target for traders and investors as Bitcoin looks for a new rally. The 200-day EMA often acts as a significant indicator for long-term market trends and is viewed as an important level for support or resistance.
Bitcoin’s inability to break $94K suggests the market may need further momentum to reach $100K. Traders are now looking to see if Bitcoin can form a more solid base above $94K and target the $100K level.
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.
