Bitcoin (BTC) Price Analysis: BTC Gears Up for Major Breakout Below $85K

Bitcoin (BTC) is trading around $82,454, stuck in a consolidation phase below the $85,000 resistance level. Despite the recent price stability, technical indicators and chart patterns suggest that a significant move may be imminent. Support and Resistance Levels Key Support: $80,900 Critical Resistance: $88,000 BTC is range-bound between these levels. A decisive break above resistance or below support could trigger strong momentum in either direction. Technical Indicators Bollinger Bands (20,2): The bands have narrowed significantly, reflecting a period of low volatility. This “squeeze” often precedes a breakout. Price is fluctuating near the middle band, indicating indecision among traders. MACD (12,26): The MACD is marginally bullish but lacks strong conviction. It hovers close to the zero line, signaling weak momentum. A clear crossover above zero could validate a bullish push. EMA (20 & 50): BTC remains below the 20- and 50-day EMAs, which act as dynamic resistance. A close above these moving averages would signal strength and a potential trend reversal. Volume: Volume remains low, typical of consolidation phases. A breakout accompanied by high volume would confirm the move’s legitimacy. Chart Patterns Symmetrical Triangle: Price action is coiling within a triangle, often a precursor to breakout moves. Descending Channel: BTC is trading within a downward channel, and a breakout above this could be bullish. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Double Bottom (Developing): The $80,500 level could form a base for reversal if price climbs above $88,000. Outlook BTC is approaching a critical juncture . A break above $88,000 could target $95,000–$98,000, while a drop below $80,900 may push the price down to $75,000. Traders should stay alert for volume surges and breakout confirmation. Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Bitcoin (BTC) Price Analysis: BTC Gears Up for Major Breakout Below $85K appeared first on Times Tabloid .