Bitcoin (BTC)’s recent rise has caught the attention of investors worldwide. Now, CryptoQuant experts have found a key resistance level that could determine the cryptocurrency’s short-term path. The company said in its April 10 market report that Bitcoin may face a strong pushback around $84,000. In both psychological and technical terms, this level has become a wall that could either stop the rise or make way for another surge.
Explaining the $84,000 Resistance Level
CryptoQuant says the $84,000 mark could be problematic for Bitcoin because of past buying activity and more pressure to sell from long-term holders. This level of resistance lines up with on-chain data that shows a cluster of unrealized profits, which may make some investors think about taking profits. If Bitcoin can’t break through this area, there might be some stability or a short-term drop.
Behind the $96,000 Milestone
Analysts think Bitcoin will quickly rise to the next resistance point at $96,000 if it breaks through the $84,000 ceiling. Retail buyers motivated by fear of missing out (FOMO) and a general bullish mood could push BTC into uncharted territory at this level. The range between these two price points might not last long because strong momentum could speed up the move.
Investment Sentiment and Market Dynamics
Market positivity has been a big part of Bitcoin’s recent rise. Things like more institutions adopting cryptocurrencies, the next halving cycle, and uncertainty in the macroeconomy have all helped the increase. CryptoQuant tells traders to be careful because high volatility and a tendency to take profits could cause significant changes near resistance zones.
Conclusion
To sum up, Bitcoin is at a critical point. If prices stay above $84,000 for a while, it could be a temporary high point or a launching pad for more gains. According to CryptoQuant’s research, breaking through this barrier would allow for a quick rise towards $96,000, which would mean a huge increase in value. As the crypto market moves into a possibly decisive phase, investors and traders should stay alert and plan their moves.
