Bitcoin faces resistance at $84K amid uncertain bullish momentum
Bitcoin (CRYPTO:BTC) may encounter significant resistance around the $84,000 price level, according to CryptoQuant’s April 10 market report.
Analysts suggest that if Bitcoin fails to break through this barrier, it could hover in the low $80,000s in the near term.
However, if bullish conditions improve and Bitcoin surpasses $84,000, the next major resistance level is expected at $96,000.
“These price levels have acted as price support during this bull cycle but can now act as price resistance if bullish conditions don’t continue to improve,” CryptoQuant stated.
Bitcoin’s price was trading at $79,474 at the time of publication, reflecting a 3.5% decline over the past day, according to CoinMarketCap data.
April has been a volatile month for Bitcoin, impacted by global economic uncertainty stemming from U.S. President Donald Trump’s tariff policies.
On April 2, Trump ramped up tariffs globally but later announced a 90-day pause on April 9 for all countries except China, easing bearish sentiment in financial markets.
Following the pause announcement, Bitcoin surged by approximately 9%, retesting the $83,000 level after earlier losses.
The broader financial markets also experienced gains, with the S&P 500 closing 9.52% higher and the Nasdaq 100 posting a 12.02% increase on April 9.
Despite these short-term gains, CryptoQuant’s Bull Score Index indicates that Bitcoin remains in one of its least bullish phases since November 2022.
Only one of the ten tracked bull signals is currently active, with Bitcoin trading above its 365-day moving average.
CryptoQuant emphasised that market participants should monitor whether bullish signals “switch back on” in the coming weeks as economic conditions evolve.
While long-term projections remain optimistic, with some analysts predicting Bitcoin could reach $130,000 by midsummer, short-term challenges may persist as resistance levels are tested.
At the time of reporting, the Bitcoin price was $81,277.42.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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