Key Bitcoin Price Levels as BTC Aims to Break $84K Resistance
Bitcoin (BTC) is currently trading around $83,000, aiming to surpass the critical resistance level of $84,000. Analysts are observing bullish signals on the RSI and moving averages, indicating a potential upward trend. Meanwhile, gold has reached record highs, contrasting with Bitcoin’s relative performance during ongoing economic uncertainty.
On March 14, Bitcoin (BTC) hovered around $83,000 as traders aimed to establish a bullish trend. Data indicated that the BTC/USD pair rose by up to 5% before settling. Traders remain cautious amid macroeconomic uncertainties, particularly concerning US trade tariffs, which have led to diminished momentum at the beginning of the US trading session.
Rekt Capital, a well-known analyst, noted the potential for bullish divergence on the relative strength index (RSI), which could indicate decreasing seller dominance. He expressed optimism about BTC reclaiming the previous resistance level of $84,000, suggesting this could reinforce the bullish trend. He observed that despite ongoing rejections at this resistance line, there is a trend of weakening sell pressures.
Keith Alan, co-founder of Material Indicators, highlighted the significance of the 21-day and 200-day simple moving averages (SMAs), currently sitting at $83,740 and $86,800, respectively. He indicated that for BTC to successfully reclaim the 200-day MA, a sustained close above it is required, followed by a rebound at the 21-day MA. Alan also referenced proprietary indicators that suggested an emerging upward momentum in Bitcoin’s trading performance.
In contrast, the S&P 500 has exhibited relief after experiencing a 10% decline, marking the onset of a technical correction. Meanwhile, gold has reached new heights, surpassing $3,000 per ounce as investors seek refuge amid volatile economic conditions. The divergence between Bitcoin and gold has become increasingly pronounced, particularly as Bitcoin has broken a significant long-term trendline against it.
In summary, Bitcoin is rallying around the $83,000 mark while attempting to breach the $84,000 resistance level, with analysts highlighting potential bullish signals emerging on indicators such as the RSI and moving averages. Concurrently, gold is witnessing record highs, leading to a contrasting performance between these two assets amid a backdrop of macroeconomic volatility. Investors are urged to conduct thorough research before making investment decisions, as every trading activity carries inherent risks.
Original Source: cointelegraph.com
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