BTC Struggles at $75,000 Again, but $85,000 Still Possible

Bitcoin is struggling around a familiar resistance level, as earlier bullish momentum has faded, but the chances of forging ahead remain.

Bitcoin is showing a familiar bullish signal, and the past few days have proved this. The largest cryptocurrency by market cap has demonstrated resilience lately, overcoming early-month setbacks to regain higher prices.

On Tuesday, it rallied to a high of $76,100, its highest price since early February. From the lows of $65,692 this month, this reflected a 15.8% price growth. Currently, $BTC has retained just 8.45% of that, as its price has pulled back considerably from the high.

Bitcoin Price Analysis

Yesterday’s intraday high saw Bitcoin ($BTC) reclaim a familiar resistance level: the $75,000 mark. It surged past this supply zone to $76,100 but failed to close above it on the daily chart. The selling pressure around the area proved too strong for bulls, pulling the asset’s price to a close at $74,164.

Meanwhile, this is not the first time Bitcoin has failed in its attempt to break this resistance. The premier asset also reached $76,000 on March 17 but met a similar supply wall, forcing an even larger correction than yesterday, down to $73,920.

Stalling at the exact $75,000 resistance not only suggests the market is not yet ready for higher prices but also reemphasizes its importance. The strength gathered after last month’s rejection was not enough to breach the stronghold resistance, putting Bitcoin at risk of dropping lower again.

Interestingly, Bitcoin was not up against this familiar resistance alone but also the 100-day simple moving average (SMA). This dynamic indicator sits at $94,935, joining forces with the usual supply wall around the zone to frustrate bulls.

Failing to clear this resistance puts the Bitcoin price at risk of falling back into the $68,000-$65,000 price range, with the 50-day MA at $69,680 serving as potential support.

$85,000 Still in Sight

Nonetheless, the chances of Bitcoin rallying higher remain. The crypto leader continues to hold the micro support level at $72,000, as identified by analyst Michael van de Poppe. Notably, $BTC trades at $74,036 at the time of writing.

Holding $72,000 allows Bitcoin to build the momentum to break the $75,000 resistance. When it closes above the area with strong volume, it could target much higher prices.

Van de Poppe identified the $80,000-$85,000 range as the possible target, claiming it could happen before the end of April. The move would see $BTC reclaim levels not seen since late January.

Meanwhile, daily RSI stands at 60.74, indicating that there is still room for further upside before entering the overbought territory above 75. The MACD also signals bullish momentum, with large green histograms not hinting at an imminent price reversal. Additionally, the MACD line at 1,201.91 is well above the signal line at 590.84, supporting bullish price action.