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Bitcoin Flashing Mixed Signals at $84.4K — Here's What Traders Should Watch
BTC is currently hovering around $84,421, caught between bullish recovery attempts and stubborn resistance. The hourly chart shows signs of life after recent weakness, but confirmation is nowhere near guaranteed.
The Setup
Short-term technicals (1H): Bitcoin has bounced off its mid-Bollinger Band with Stochastic RSI rebounding from oversold territory (52.42). This suggests some short-term momentum relief, but don’t mistake a bounce for a rally.
Daily view: The daily Stochastic RSI is creeping into overbought (68.90), which means there’s limited room to run before exhaustion kicks in. That said, the pattern near $78.4K support shows buying interest.
Where’s the Action?
Buyers are watching: A sustained break above $84,664 → $85,473 could spark a real move toward $86-87.5K. If that fails, expect consolidation.
Bears have a plan too: A close below $83,500 opens the door to a retest of $81,000. Support at $83,800-$83,882 is the line in the sand here.
The Trade
If you’re considering it:
The reality check: This is a setup with potential, but BTC needs to prove it can hold above these resistance levels. Premature entries have burned traders before. Patience beats FOMO.
Sentiment split: Bullish traders are banking on $85K breakout; bears are eyeing a failed bounce back to $81K. The jury’s still out.
Not financial advice. Do your own research.