{"id":840635,"date":"2025-04-11T19:12:57","date_gmt":"2025-04-12T00:12:57","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/11\/bitcoin-faces-rejection-at-84000-but-analysts-show-2020-similarities-recovery-ahead\/"},"modified":"2025-04-11T19:12:57","modified_gmt":"2025-04-12T00:12:57","slug":"bitcoin-faces-rejection-at-84000-but-analysts-show-2020-similarities-recovery-ahead","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/11\/bitcoin-faces-rejection-at-84000-but-analysts-show-2020-similarities-recovery-ahead\/","title":{"rendered":"Bitcoin Faces Rejection At $84,000, But Analysts Show 2020 Similarities \u2013 Recovery Ahead?"},"content":{"rendered":"

Bitcoins <\/p>\n

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Bitcoin (BTC) has failed to reclaim $84,000 resistance again and has fallen 4% to retest another crucial support zone. Some analysts suggested that the cryptocurrency\u2019s rally will be determined by its weekly close, which could see BTC crash or climb to new levels.<\/p>\n

Bitcoins Bitcoin Hits $84,000 Wall Again<\/h2>\n

After losing the $84,000-$86,000 support zone on Sunday, Bitcoin has failed to reclaim this level. The flagship crypto has retraced over 11% in the past week, briefly falling to a 4-month low of $76,600 on Monday.<\/p>\n

Since then, BTC\u2019s price has hovered between the $80,000-$84,000 range, failing to break above the range\u2019s upper zone for the past four days. Crypto analyst Jelle noted<\/a> that this resistance level has been a key level throughout the first half of March.<\/p>\n

Notably, the $84,000 mark served as an important bounce<\/a> level during the start-of-month price pump and correction, and \u201creclaiming it will make all the difference for how the rest of the month goes.\u201d<\/p>\n

Bitcoin has attempted to regain this level in the past 24 hours, climbing to $83,900 on Thursday morning. To the analyst, a reclaim of $84,000 could propel the price back to the post-election breakout range, and things would \u201cget real interesting.\u201d<\/p>\n

Ali Martinez pointed out that the biggest supply barrier<\/a> for Bitcoin sits at the $95,000 range, where 1.2 million investors purchased 726,000 BTC.<\/p>\n

\"bitcoins
Bitcoin is consolidating in an ascending triangle. Source: Ali Martinez on X<\/a><\/figcaption><\/figure>\n

He also noted that the largest cryptocurrency by market capitalization is consolidating within an ascending triangle, which could lead to a 9% surge to the $90,000 mark if it breaks out above $84,000.<\/p>\n

Nonetheless, BTC failed to reclaim this key resistance and retraced to the $80,000 support zone. Jelle warned that \u201cbulls need to defend the current area, or this could cascade towards the high seventies once more.\u201d<\/p>\n

Bitcoins Is BTC\u2019s Cycle Top Or Bottom In?<\/h2>\n

Ted Pillows suggested that BTC is poised for another leg up as its price action resembles previous performances. He highlighted that Bitcoin has held its ascending support trendline like in 2017 and 2020, which \u201cshows that the cycle isn\u2019t over yet.\u201d<\/p>\n

\"bitcoins
BTC\u2019s price action resembles past cycles\u2019 performances. Source: Ted Pillows on X<\/a><\/figcaption><\/figure>\n

Based on this historical price performance, the analyst considers that the cryptocurrency could retest the $72,000-$74,000 support before a local bottom is in. \u201cAfter that, there\u2019ll be some consolidation followed by the next leg up,\u201d he explained.<\/p>\n

Trader Titan of Crypto pointed<\/a> at a potential reversal as BTC is \u201cshowing signs of bottoming on the weekly chart\u201d with the Relative Strength Index (RSI) as support, an Oversold Stochastic RSI bullish crossover, and price at the lower Bollinger Band. He also noted that BTC\u2019s price action resembles 2020\u2019s market structure before a major breakout.<\/p>\n

Meanwhile, analyst Nebraskangooner affirmed<\/a> that Bitcoin has been \u201chistorically predictable,\u201d which suggests that its weekly close range will be key for the next move. According to the post, if BTC closes the week below $67,250, it would potentially indicate the market has already hit the top, as it would become a distribution range.<\/p>\n

The analyst explained that the cryptocurrency has respected the \u201cdistribution, accumulation, and instant reversal\u201d levels in every BTC bear market<\/a>. If Bitcoin remains \u201chistorically predictable,\u201d the cryptocurrency could fall to levels not seen since late 2023 and early 2024.<\/p>\n

As of this writing, BTC trades at $80,810, a 3.4% decline in the daily timeframe.<\/p>\n

\"bitcoins
Bitcoin\u2019s performance in the one-week chart. Source: BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n

Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n<\/p><\/div>\n

Rubmar Garcia Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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