Bitcoin finds support at $90K, but lacks momentum for a new rally.
Bitcoin has continued to receive substantial support around the $90K level, sparking a slight recovery. However, the prevailing bullish momentum appears insufficient to trigger a fresh rally toward a new all-time high, suggesting the likelihood of consolidation within this area in the short term.After a period of decline, Bitcoin has found strong support at the critical $90K region, highlighting the presence of buyers at this level.
This support aligns with the middle threshold of its multi-year ascending channel, reinforcing its significance. Despite a slight increase in buying pressure resulting in a minor bullish rebound, the current momentum remains subdued, suggesting a continuation of the consolidation near this support zone. For Bitcoin to initiate a new rally and aim for a new all-time high, the market must witness heightened demand and stronger bullish momentum.On the 4-hour chart, the $90K support level emerges as a pivotal defence zone, as evidenced by its role in halting the downward pressure over recent months. The price action has recently formed an inverted head and shoulders pattern near this level, accompanied by an accumulation phase, signalling a potential bullish resurgence. However, increased market demand and buying activity are necessary for BTC to break out and target the significant $108K resistance. Until then, the cryptocurrency will likely consolidate within the $90K region, awaiting a more evident directional move.American investors, particularly U.S. institutions, play a significant role in driving market movements. Consequently, analyzing their behaviour can provide valuable insights for predicting short-term market trends. The Bitcoin Coinbase Premium Index is a critical metric that compares buying and selling pressure on Coinbase, a U.S.-centric exchange, against Binance
BITCOIN SUPPORT CONSOLIDATION BULLISH MARKETMOMENTUM
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