Bitcoin (BTC) Price Hits $85,000, Another Milestone in the Steady Bullish Trend

Bitcoin's (BTC) price hit the $85,000 level, another milestone in the steady bullish trend. Crypto analyst Daan Crypto Trades highlights key levels—$89K for a breakout or $73K for a potential downturn.

Crypto analyst Daan Crypto Trades notes that the easiest strategy for traders is to await either a close above the $89,000 mark or when Bitcoin is trading near the $73,000 level. This area is significant due to the presence of the Daily 200MA/EMA and the $85,000 horizontal resistance.

Chart: Daan Crypto Trades

In other developments, sustaining above the $85,000 threshold and attempting to reclaim the $90,000 level has led to speculation about the continuation of the bull cycle.

Analysts are discussing whether Bitcoin’s bullish momentum is diminishing, with some becoming more cautious or even bearish. The sentiment has become increasingly uncertain, which is further increasing speculation about Bitcoin’s next move.

According to renowned analyst Axel Adler, the sentiment towards BTC has weakened considerably since the all-time high. His analysis on X, formerly Twitter, reveals that the BTC Sentiment Vote has fallen to levels last seen before the rally in September 2024. This indicates a shift in optimism among investors.

The crypto analyst says the sentiment is now at levels last seen ahead of September 2024, when the price began to rise again after a period of stagnation around the $70,000 mark. This suggests increased uncertainty among investors, reflecting the overall market sentiment about the direction of BTC in the short term.

Although this bearish sentiment indicates the bottoming out of the market, ongoing macroeconomic unpredictability and geopolitical tensions also contribute to the uncertainty.

In the broader crypto market, traders are closely watching the $85K-$90K area, and the breakout will determine if BTC continues the uptrend or goes into a prolonged period of consolidation. A decisive move above the upper boundary of this range could propel BTC toward the next resistance at $95,000. Conversely, if the bears manage to sink the price below the lower boundary of the consolidation range, it could pave the way for further drops to $73,000.