Bitcoin (BTC) rallied above $89,000 on April 22, its highest level since early March, buoyed by strong spot demand during US trading hours on April 21. The recovery, however, faced a serious challenge in breaking above $90,000 as sell-side liquidity blocked the way.
Bitcoin price faces stiff resistance on the upside
Data from Cointelegraph Markets Pro and TradingView shows that the price has been steadily moving toward the $89,000 level over the last six hours, leading to questions about whether the barrier at $90,00 will finally give in.
“BTC is closing in on the big $ 90 K-$91 K horizontal area which acted as the previous range low,” said popular trader Daan Crypto Trades in an April 22 post on X.
The trader explained that the price had swept the $89,000 level as it was consolidating below it. Note that the 200-day simple moving average (SMA) is currently located just above this level, reinforcing its significance.
Daan Crypto Trades said that the price needs to overcome these barriers in order to confirm a breakout.
“Quite a few resistances close by, but a few percentage moves and you’ll break through all of them, and the chart looks pretty great. Bulls know what to do.”
Bitcoin price breaking $91-$92K is key — Analyst
Meanwhile, CryptoQuant’s head of Research, Julio Moreno, said that the traders’ onchain realized price between $91,000 and $92,000 is the real test for Bitcoin bulls.
Related: Bitcoin risks 10%-15% BTC price dip after key rejection near $89K
According to Moreno, the traders’ realized price usually acts as resistance when the crypto market is bearish, which is the current situation of Bitcoin.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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