Bitcoin’s Wild Ride: $90K or Bust? Will This Resistance Ruin the Party?

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So, Bitcoin just bounced off the trusty $78K support like a trampoline—who knew digital gold had such spring in its step? Now, it’s eyeing up a shiny $85K resistance. Classic BTC, always giving us hope and then testing our patience. 🙄

If it decides to smash through this level like a rockstar smashing a guitar, the next stop might just be a thrilling $90K. But don’t get too comfy, things are never that simple. 💸

Technical Analysis

By Shayan

The Daily Chart

Bitcoin’s recent price action is like that one friend who makes a dramatic comeback at a party after disappearing for two hours—this time it’s thanks to the magical $78K support zone. Oh, and it’s lined up with the 0.618 Fibonacci retracement. If you’re not into Fibonacci, just nod and pretend you know what that means. (But, seriously, it’s important!)

However, now Bitcoin’s trying to break past the big bad $85K resistance, which happens to line up perfectly with the 0.5 Fibonacci level (for those keeping track). The 200-day moving average is also there to say, “Not so fast, my friend.” 🛑 A breakout here could send BTC into the glorious $90K zone, but with sellers lurking like party poopers, it might just stay in its awkward ‘let’s see’ phase for a while.

The 4-Hour Chart

Now let’s zoom in, folks. On the 4-hour chart, Bitcoin’s been creeping up to the top of the descending wedge, AKA the “let’s see if we can break out without falling flat on our face” zone. This pattern? It’s the bullish rebound waiting to happen, but only if Bitcoin doesn’t get cold feet at the $85K line. If it breaks out, hold on tight—$90K might be next. If not, well, we’ll probably just chill and wait for the next big thing. ⏳

But realistically? The current market’s like that one friend who says they’re ‘getting the vibe’ but really just wants to hang out at the bar for a while longer. The consolidation seems more likely. 🧐

On-chain Analysis

By Shayan

Let’s talk data! The Realized Cap UTXO Age Bands metric sounds way fancier than it really is. Essentially, it tells us how long people have been hoarding their Bitcoin like it’s the last cookie in the jar. 🏺

Here’s the tea: the 3-to-6-month coins are piling up faster than my laundry. This trend reminds us of the summer of 2024—when people just held on tight through the correction. Now, Bitcoin investors are sitting pretty, unwilling to sell, showing a pretty solid “hold my beer” mentality. 🍻

Historically, this kind of behavior is like a spring wound up tight, ready to snap—when Bitcoin’s supply tightens and demand starts to surge, it tends to push prices to new highs. So, while this ‘correction’ feels like a healthy detox, it might just set the stage for Bitcoin to make a dramatic comeback. 🏆

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2025-03-16 19:04