Bitcoin struggles to overcome $90,000 as bears attempt to hold the level as resistance, but BTC and altcoin charts suggest the upside is the most likely path that prices will take.
Bitcoin (BTC) turned up from $81,500 on March 4, and the bulls are trying to extend the recovery above $90,000 on March 5. However, some analysts do not expect Bitcoin to run up in the near term. Bitfinex analysts said in a March 3 markets report that Bitcoin could face “significant resistance” at $94,000.
In another note of caution, CryptoQuant contributor XBTManager said in a Quicktake post that Bitcoin is likely to extend its consolidation for some time. Hence, risky trades should be avoided over the next few months. The analyst said the time to buy will come when short-term holders — those holding for under 155 days — start selling and the long-term holders start buying.
Crypto market data daily view. Source: Coin360
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