Bitcoin price can rise to $ 90,000

Since mid -January, Bitcoin (BTC) has been experiencing a descending trend, and attempts to change the situation are met by market resistance.

We figure out what is happening in the Bitcoin market (BTC) and what to expect from the price of cryptocurrency.

Bitcoin has long experienced difficulties

When comparing the influx of funds in American spotes ETF and open interest (OI), bright signs of arbitration trade are noticeable at CME futures. The weakening of long -term positions in the market indicates curtailing this strategy. Last month, this led to the record outlets of the ETF and a decrease in OI to the annual minimum.

Although such events indicate short -term weakness, they often preceded the recovery phases. A decrease in outfills indicates a weakening of liquidity pressure, and the mood of investors can again shift in the direction of accumulation. As market conditions improved, the completion of arbitration trade may support bitcoin and create the basis for long -term growth.

The expenses of long -term holders (LP) recently slowed down, which indicates a change in mood. This indicator tracks when a significant part of the long -term holders of Bitcoin begins to spend their assets.

Slowing expenses indicates that LTH is less inclined to sell their assets. This indicates more confidence in holding bitcoin in this volatile period. Historically, such trends lead to the accumulation phase when investors are waiting for more favorable market conditions.

A decrease in sales activity by LTH may mean that these investors expect more profitable price dynamics, which can reduce the pressure on the market. Since they prefer to withhold assets, the probability of sustainable growth increases, which may become the basis for restoration of bitcoin.

BTC Forecast: A breakthrough is possible

At the time of writing this analysis, the BTC is traded at $ 86,043. Over the past 24 hours, the coin has risen in price by 3%.

Now Bitcoin is trying to break out of the two -month descending wedge. If the cryptocurrency overcomes the resistance level of $ 89 800, this can launch a new upward trend that will raise the price above $ 90,000.

If Bitcoin overcome $ 89,800, he will receive a chance to rise to $ 95,761, having played a significant part of the recent losses. It can also strengthen the trust of investors and support the current impulse.

However, if the cryptocurrency cannot overcome $ 89,800 or encounters difficulties when trying to rise above $ 87,041, then the bull script will be at risk. In this case, the price may fall below $ 85,000 and approach $ 80,000, which will cancel the current optimistic forecast and delay the possible recovery.

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