Bitcoin Faces Make-or-Break Resistance at $87,200
Key Summary
Bitcoin faces a critical test at $87,200, a level that could determine the outcome of its recent bounce. This resistance coincides with previous local highs and the previous intraday wicks, with the horizontal resistance level at $86,984. As of CoinGecko, Bitcoin is trading at $85,468. Following a recent surge above $87,000, driven by poor US employment figures, the cryptocurrency has yet to sustain a breakout above this level. In September, Bitcoin broke above the $87,000 level after a bounce from the $82,700 area, but failed to hold it, instead pulling back towards the $84,000-$84,500 range.
Bitcoin bulls are once again closing in on the crucial $87,200 resistance zone, a level that has repeatedly rejected the cryptocurrency in recent weeks.