FX.co ★ #Bitcoin chart analysis

Bitcoin price stabilizes below $84,760 amid market turmoil. Bitcoin is currently trading below $84,760 and is struggling to stabilize amid increased volatility in global markets and rising geopolitical tensions. The trade war between the US and China has contributed greatly to this process. Recently, the US government’s decision to ban the export of advanced AI chips from NVIDIA to China has attracted attention. The decision eroded investor confidence and triggered a massive sell-off in the technology sector. Cryptocurrencies, including Bitcoin, were no exception, showing a downward trend at the beginning of the week. However, Bitcoin has proven resilient and has regained some of its lost ground despite broader market concerns. The technical structure faces significant resistance. Bitcoin has recovered slightly, but its technical structure remains under pressure. The 50-day simple moving average at 84,760 has emerged as a key resistance point. This level has been tested several times since the weekend, but the bullish momentum continues. A clear breakout of this simple moving average in the near term is crucial to sustaining a sustainable uptrend. The psychological level of 85,000 coincides with the upper boundary of the downtrend channel that has dominated price action since early January, adding further weight to the resistance zone. A breakout of these levels could act as a technical trigger, paving the way for further growth. Medium-term growth target: Fibonacci level 86,257 If the bulls manage to break out of the 85,000 level, attention will soon turn to the 86,257 area. This level represents the 38.2% Fibonacci retracement of the August-January uptrend and has served as a key reversal point in the past. A strong move above this resistance level would confirm a medium-term trend change and shift the overall sentiment from bearish to neutral. However, given the cautious mood in financial markets, any such breakout would likely require broad market support or a major fundamental catalyst. Dynamic indicators point to cautious optimism. According to momentum indicators, the signals are mixed, reflecting the current state of indecision. The relative strength index (RSI) is near the neutral level of 50, indicating that there is no clear trend in the market. Meanwhile, the stochastic indicator is moving upwards and is approaching the overbought threshold at 80. This upward trend indicates the start of a new uptrend, but there is a risk of a reversal if the resistance areas continue to strengthen. Together, these figures point to weak market sentiment, as buyers are hesitant to invest amid growing economic uncertainty. Watch for the following key support levels: 82,000 and 79,250. If Bitcoin fails to rise above its 50-day simple moving average and the 85,000 resistance level, interest in it is likely to fade again. The 82,000 level represents the first support level near the 20-day simple moving average, which could provide some temporary relief. A break below this support level could accelerate losses and push the price towards the 50% Fibonacci retracement level at 79,250. The region has served as a launching pad for previous recoveries, and its resilience will be key to achieving a bullish outlook for the market. Macroeconomic concerns affect public sentiment. The recent volatility is not unique to the cryptocurrency market. Traditional risk assets are also under pressure as fears of a resurgence of recession loom. Inflation remains high despite slowing economic growth. The Nvidia chip ban is part of a larger problem: the growing technological and economic gap between the United States and China. Uncertainty over global trade policy and growing concerns about the ongoing economic crisis have dampened investor demand for risky assets like Bitcoin. While Bitcoin is decentralized, it is sensitive to shifts in global sentiment and capital flows. In short In short, Bitcoin is at a critical juncture. It has successfully weathered geopolitical uncertainty and economic activity, and is directly correlated with its underlying technology sector. While the recent rally is encouraging, the failure to clearly break above 86,257 means that a weak structure is still in place. A break above this key Fibonacci level is likely to end the medium-term decline and pave the way for a more sustained recovery. Until then, Bitcoin predictions remain cautious and cautious until a decisive catalyst emerges to determine its future direction.