The Bitcoin Bull Trap: How Market Manipulation is Keeping the Price Below $90K

Bitcoin Price Can't Take Out the $90,000 Resistance Level: 3 Reasons Why

The Bitcoin price has been stuck in a tight range for several weeks, with many investors eager to see a breakout above the $90,000 resistance level. However, according to a recent analysis, there are several reasons why the cryptocurrency may not be able to take out this key level anytime soon.

Firstly, the Bitcoin price has been struggling with a lack of momentum, with the asset's daily relative strength index (RSI) stuck in a neutral range. This suggests that the market is not yet convinced that the price is ready to break out and move higher.

Secondly, the $90,000 resistance level is a strong psychological barrier, with many investors having previously sold their Bitcoin at this level. This means that there is likely to be significant selling pressure when the price approaches this level, making it difficult for the asset to break out and move higher.

Thirdly, the current market conditions are not conducive to a strong price rally. The global economy is still recovering from the impact of the COVID-19 pandemic, and many investors are still cautious about putting their money into riskier assets like Bitcoin. This means that the demand for Bitcoin is likely to remain weak, making it difficult for the price to break out and move higher.

In conclusion, while there are many factors that could potentially push the Bitcoin price higher, there are also several reasons why the asset may not be able to take out the $90,000 resistance level anytime soon. The lack of momentum, the strong psychological barrier, and the current market conditions all suggest that the price is likely to remain stuck in its current range for the foreseeable future.