- Bitcoin shows resilience, consolidating near $85K despite broader market turmoil.
- BTC maintains support near $79,940, signaling potential for future upside momentum.
- RSI and MACD indicators point to bullish momentum, suggesting trend reversal.
Bitcoin continues to show strength, even as the broader crypto market faces sharp tremors. A recent flash crash in MANTRA (OM), which plunged nearly 90% within 24 hours, triggered fresh waves of market panic.
Additionally, persistent rumors regarding Donald Trump’s stance on crypto exemptions have added to the uncertainty. Yet, despite all this, Bitcoin has remained impressively stable, consolidating just under $85,000. The resilience shown by the leading cryptocurrency reflects growing maturity in its investor base and confidence in its long-term trajectory.
Signs of Strength Despite Market Fear
According to analyst Michaël van de Poppe, Bitcoin’s current movement reflects a textbook bullish consolidation. The digital asset has recently broken out from a falling wedge pattern a structure often associated with upcoming rallies.
Importantly, Bitcoin has managed to hold the $79,940 to $80,982 zone. This region now acts as a potential support level. A clean retest of this area could pave the way for further upside momentum.
Van de Poppe further points out that strong volume spikes over the past few days highlight growing demand. Although the price has dipped slightly by 0.43% in the last 24 hours, the broader 7-day performance remains positive with a gain of over 10%. This suggests underlying strength despite the chaos surrounding altcoins like OM.
Market Levels and Technical Indicators
As of press time, Bitcoin trades around $84,300, showing signs of consolidation between $83,300 and $84,800. Buyers have consistently stepped in near the $83,300 to $83,500 zone. This indicates strong accumulation interest. On the upside, the $84,870 mark has repeatedly acted as resistance, with several rejection attempts around that level.
BTC/USD daily price chart, Source: TradingView
From a technical perspective, the Relative Strength Index (RSI) stands at 51.65. It suggests mild bullish momentum with more room to run. Moreover, the MACD has recently formed a bullish crossover, with the MACD line rising above the signal line. This often signals a potential trend reversal in favor of buyers.
