Bitcoin Holds Above $84K as Market Watches for $86K Breakout
Bitcoin remains stable around $84,000, showing resilience over the past 24 hours despite mixed market signals.
After rebounding from April lows near $75,000, analysts are divided on whether this signals a sustained rally or a short-term bounce. On-chain data suggests improving demand, but trading volumes remain subdued compared to previous bull runs.
Bitcoin’s realized cap growth has slowed, and exchange reserves are at their lowest since 2018, pointing to reduced sell-side pressure. However, miners, under financial strain and facing US-China trade tensions, sold over 40% of their March output—reversing recent accumulation trends.
Tariffs on mining equipment, particularly in the US, pose a risk of shifting mining dominance abroad.
A weakening US dollar may act as a tailwind for Bitcoin, with the Dollar Index near multi-year lows and further devaluation likely.
A decisive move above the key $86,300–$86,500 resistance range is viewed as essential to reignite bullish momentum. Key support zones lie at $73,900 and $64,700.
Institutional sentiment remains mixed, with $870 million in recent ETF outflows, though overall trading volumes are holding firm. Bitcoin’s next direction may hinge on its ability to break through $86K.
