Bitcoin is exhibiting short-term bullish signals as it approaches key resistance levels. The cryptocurrency has breached the 20-day Bollinger Band middle line, a move that had eluded it for nearly two weeks. Currently, Bitcoin is trading near the resistance zone between $89,500 and $90,500, which includes a double-bottom neckline and accumulation resistance. On-balance volume (OBV) has turned upward, and trading volume is gaining momentum.
The critical support level is around $88,500, serving as both Bollinger Band support and a triangle pattern boundary. A close below this level could negate the bullish outlook and prompt a retest of $86,000. However, if the support holds, Bitcoin may aim for the Volume Profile Visible Range (VPVR) upper level of $93,000.
Bitcoin Eyes $93,000 as Bullish Signals Emerge
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