Bitcoin Eyes $85K Again, Breakout or Breakdown Ahead?

Key Insights:

• Bitcoin remains range-bound between $85K support and $94.5K resistance after repeated $90K rejections.
• A bullish pattern forms on the 4H chart, with price nearing a key trendline support level.
• Weekly momentum stays weak as RSI and MACD show no signs of reversal on higher timeframes.

Bitcoin was trading just above $87,000 after several failed attempts to hold above the $90,000 level. Each move into the $90,000–$94,500 zone has seen strong selling, pushing price back toward lower support. This repeated rejection has kept Bitcoin range-bound.

The $85,000 level has acted as a support zone in recent weeks. It has previously seen buying interest, making it an area traders are watching. If this level breaks, the next area of interest is between $82,500 and $81,000. Until then, price remains between key zones, with no clear trend confirmed.

Short-Term Chart Shows Price Building Structure

On the 4-hour timeframe, price was forming a rising pattern, often referred to as an ascending triangle. This setup is created when buyers step in at higher levels over time, while sellers hold a fixed resistance level. In this case, the top of the range is around $92,500–$93,000.

Bitcoin was trading near the rising support line. If the trendline holds, price could move back toward the resistance zone. If it fails, the setup breaks down. As noted in the chart shared by Karman_1s, “Breakout likely toward resistance if support holds.”

Momentum Weak on Weekly Chart

Looking at the weekly chart, Bitcoin continues to show low momentum. Price has been falling since October, and candles in recent weeks have had small bodies and long wicks, suggesting hesitation from both buyers and sellers.

The Relative Strength Index (RSI) is at 37.03, below the midpoint of 50, indicating weaker price strength. The MACD also remains negative, with no crossover between the MACD line and the signal line. This suggests that selling pressure has not eased on the higher timeframe.

$85K Support Remains in Focus

Bitcoin’s price remains stuck between support at $85,000 and resistance at $94,500. Traders are watching closely to see if the $85,000 level holds. A bounce from this area could lead to another test of $90,000 and above. A breakdown, however, may open the way to the $82,000 range.

As Ted noted, 

However, the price continues to move within a tight range, with traders waiting for confirmation in either direction.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.