Bitcoin has run into resistance near $87,000 for the third time since Sept. 23, according to FxPro analyst Alex Kuptsikevich, who said the market is approaching a key technical point.
Kuptsikevich said BTC has been forming a pattern of rising local lows since the start of last week, a sign that buyers have been stepping in at progressively higher levels. Even so, he noted that bulls have not yet built enough momentum to force a clean upside break.
The analyst said price action is now nearing the apex of a triangle formed by a horizontal resistance line and an ascending support line. A breakout from that structure could bring a period of higher volatility.
In his view, if bulls absorb selling pressure around $87,000 and keep Bitcoin above that level, it would suggest that supply there is weakening. That, he said, could open the way for BTC to challenge its highest level in nearly eight months.
Bitcoin has met resistance near $87,000 for the third time since Sept. 23, according to FxPro analyst Alex Kuptsikevich.
Kuptsikevich said BTC has been forming rising local lows since the start of last week, though bulls have still failed to generate enough upside momentum.
He said the market is now close to the apex of a triangle formed by a horizontal resistance line and an ascending support line. If price breaks out of that pattern, volatility could increase.
If bulls absorb selling pressure at that level and push Bitcoin to hold above $87,000, it would indicate that selling pressure there is easing, potentially opening room for BTC to challenge a nearly eight-month high, he said.
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