Can Bitcoin Buck the Bear or Is It Just Playing Dress-Up at $87.5K? 🐻🤡

by

“nice try, chap, but you’re still the bear’s dinner.” The recent peak at a genteel $88,465 shy of the more pompous $88,500, fails to dethrone the bearish overlord signaling “down, down, and away.”

Key Shindigs to Note

  • Bitcoin’s latest high-water mark, $88,465, is basically turning up to the garden party just a few nano-inches past the prior lower high, keeping the bearish thread firmly in the narrative.
  • No spirited breakout with the kind of volume that would make one whistle “Rule, Britannia!” just yet.
  • The doorstep to the underworld: targets lurking at $74,500 and $67,850 should the market keep its gloomy disposition.

Failing to outdo the previous lower high, even by a dainty margin, is Bitcoin’s polite way of saying, “Thanks, but no thanks” to leaving the bear pit behind. For a real jolly good break of trend, Bitcoin needs to storm past $88,500 like a taxi hurtling down Piccadilly Circus during rush hour, ideally with a crowd cheering (or volume swelling) in the background. Absent such fanfare, this little caper looks more like a solemn “dip your toe, then step back” dance – just another notch in the bearish belt rather than a bullish coronation.

Structurally speaking, this dance of lower highs and lower lows has been signed, sealed, and delivered with consistent aplomb lately. Should the noble $88,465 hold its ground and Bitcoin start doing the limbo again, we might see a liquidity sweep down at $74,500—a level that’s usually a snug clubhouse but could now be getting chilly. Next on the hit parade is $67,850, which if breached, would be the bear’s way of saying, “I told you so” with a fresh lower low and a bow on the bearish cycle.

For those brave souls dabbling in trading—think of this as a polite nudge to tread carefully. While Bitcoin’s recent hop may look sprightly on the smaller chessboards, the grander game still favours the pawns on Team Bear. Unless BTC prances convincingly above $88,500 and holds court there, betting on the bulls is akin to wagering on a hedgehog to win the Derby — charming but unwise without a good reason.

The Crystal Ball: What To Brace For

If $88,500 remains a fortress well-defended, expect Bitcoin to meander downward in the coming sessions. Look for liquidity hunts around $74,500, with the possibility of further tumble toward $67,850. The bearish tune continues to play until the orchestra changes its score, so keep a stiff upper lip but maybe keep your betting slip under the mattress.

Read More

2025-04-21 21:52