Bitcoin battles $90,000 resistance as bulls eye $109,000 target
1min read Bitcoin is currently facing significant resistance at the $90,000 mark, with analysts predicting potential new highs amidst strategic reserve developments. The cryptocurrency has shown resilience, rebounding from the $85,000 level on March 7, indicating a battle between bullish and bearish forces. The BTC/USDT pair is currently challenging the 20-day Exponential Moving Average (EMA) at approximately $90,977, highlighting the critical nature of this resistance level.
The recent executive order concerning the US Strategic Bitcoin Reserve has added to the market's volatility. While the order did not meet all market expectations, leading to a brief sell-off, analysts suggest that it could foster a more positive environment for Bitcoin adoption globally. The establishment of strategic reserves by more nations could increase demand for Bitcoin, potentially driving its price higher in the long term.
Swan Bitcoin CEO Cory Klippsten emphasized that the current consolidation phase may not hinder Bitcoin’s bull run. He expects Bitcoin to surpass $109,000, indicating a bullish outlook despite the current resistance. The implications of Bitcoin’s resistance levels extend beyond its own price, potentially influencing the broader cryptocurrency market. A successful breakthrough above the $90,000 mark could pull other cryptocurrencies, especially altcoins, upwards in a rally. Conversely, a setback below $85,000 may signify a bearish trend that could drive the market downward.
In addition to Bitcoin, other leading cryptocurrencies are also facing unique challenges and opportunities. Ether, for instance, has shown resilience by defending the $2,111 support level, with the 20-day EMA at $2,423 serving as a pivotal point for potential upside. XRP, on the other hand, is struggling to clear the 50-day Simple Moving Average (SMA) at $2.68, with analysts closely monitoring its price movement. BNB is at risk of breaking below the $546 support level, while Solana is attempting to maintain above the critical 20-day EMA, with a breakout above $180 signaling the end of its correction phase.
Overall, the current struggle at the $90,000 resistance level could shape the direction of the broader cryptocurrency market. Analysts remain cautiously optimistic about 