Bitcoin has been experiencing continuous difficulties over the past few months, and recent recovery attempts have fallen short of expectations.
Currently priced at $83,768, Bitcoin has encountered resistance at the $85,000 level multiple times this month. Failing to break through this resistance has increased uncertainty among investors.
Bitcoin Investors Uncertain
The Bitcoin Fear and Greed Index reveals the widespread fear among BTC holders. Since early March, this fear has intensified as market conditions have not responded to positive signals. With Bitcoin's price stagnating and struggling to regain upward momentum, investor confidence continues to weaken.
The current atmosphere is reflected in the overall sentiment, with many investors restraining major moves in the market. This indicator also suggests that Bitcoin holders are avoiding riskier investments and limiting market participation.
Bitcoin's overall macro momentum also indicates hesitation among market participants. The number of active addresses on the Bitcoin network is at its lowest level in almost two months, suggesting reduced participation.
This decrease indicates that holders are stepping back and showing less interest in coin trading or movement. The lack of enthusiasm for network participation shows that investors are uncertain about the market's future direction.
BTC Price, Will It Break $85,000 This Time
Bitcoin is currently experiencing a downturn that has lasted three months, with prices remaining at $83,768. Despite several attempts to break through the $85,000 resistance, Bitcoin has failed to maintain upward momentum. Repeated rejections at this level indicate significant resistance, which could lead to further price stagnation.
If the downward trend continues and investor fear increases, Bitcoin could fall below its current support of $82,619. There is a possibility of dropping to $78,481, which could extend the downward trend and deepen holders' losses. This could further reinforce market uncertainty.
However, if Bitcoin breaks through the critical $85,000 resistance level, it could trigger a rally to $87,344. Successfully breaking this barrier could invalidate the current bearish outlook and push Bitcoin to $89,800, providing a new perspective for cryptocurrency.
