Bulls Eye Breakout Above $84K, Bitcoin Struggling at $85K

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 Bitcoin is now trading near $84,000 after falling below $77,000 last week, but momentum has slowed as the market faces indecision. Despite the rebound, BTC is still stuck in a consolidation range with resistance near $85,000 and support near $81,000.

Technical indicators paint a neutral picture. The Relative Strength Index (RSI) is hovering around 51, indicating neither overbought nor oversold conditions. The price action is within a descending channel, requiring a breakout above $85,000 to spark renewed bullish momentum. Failure to do so could lead to another retest of the $77,000 zone.

On-chain data supports the current trend of stagnation. Exchange reserves are gradually decreasing, indicating a decrease in selling pressure, while the MVRV Z-score indicates that the market is cooling down due to the recent heated situation. The Pew multiple indicates that miners are in a profitable state but are not contributing to significant selling pressure.

ETF flows have slowed, and broader macro uncertainty is also weighing on risk appetite. With no major upcoming catalysts, traders are watching for signs of strength or exhaustion at current levels.

If BTC rises above $85,000 with strong volume, bulls could target $90K-$92K. Otherwise, a rejection at resistance could push the price back towards the $77K support.

For now, Bitcoin stands at a technical crossroads, awaiting a decisive move to confirm its next direction.

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Ethereum (ETH) is currently trading around $1,600, down significantly from its early 2025 high of $3,900. This sharp correction has outpaced Bitcoin’s relative performance, leading to growing concerns about Ethereum’s short-term strength. However, recent market signals indicate that ETH may be in the early stages of stabilization.

Technically, Ethereum remains in a bearish structure, but some momentum indicators are starting to change. The Relative Strength Index (RSI) is currently near 40, reflecting continued bearish pressure. However, the MACD (Moving Average Convergence Divergence) has flipped above the signal line, indicating a potential momentum reversal if price action confirms a breakout.

On-chain and derivatives data also support a potential rebound. Ethereum’s open interest has risen above $21 billion — the highest since March — indicating growing speculative interest. This capital inflow suggests that traders remain bullish despite recent volatility.

The key levels to watch in the coming days are the $1,670 upside and $1,550 downside. A solid breakout above $1,670 could propel the price towards $2,000, which served as a major support in the first quarter before the correction. However, failure to hold $1 could trigger renewed selling pressure and a potential decline to the $1,550-$1,400 region.

Overall, Ethereum's short-term trajectory remains uncertain, but early signs of strength - especially in the derivatives market - indicate that traders are not counting out ETH just yet.