- Bitcoin struggles at the $91K-$92K resistance zone as the bull score stays low.
- Bitcoin faces difficulty in breaking through the $91K-$92K resistance range.
- The current bull score indicates Bitcoin remains in a bearish market phase.
Currently, Bitcoin is facing price resistance in between $91,000 and $92,000 as explained by how the Trader’s On-chain Realized Price works. The same layer corresponds with the much broader “bull score” measure, which indicates and reinforces that the current place for Bitcoin is where resistance tends to develop. Approaching these levels has invoked fundamental speculation on conditions for analysts to move towards price directions.
In this context, the measure also comprises an index whose applications in the study are indicators used in identifying bullish or bearish phases in financial markets. When the bull score reads higher than 60, the market is classified as bullish, and at this juncture, the price will almost always support upward movement. Conversely, a score below 40, however, is interpreted as a bearish restriction in price-determining resistance.
With this situation, Bitcoin is currently in the second stage of bearish formation, already with bull scores below the threshold of 40. Traders and analysts are asking whether Bitcoin can break through this space or remain under pressure. Will Bitcoin cross the tiny resistance between $91K-$92K?
Bull Score Indicator Shows Bullish and Bearish Patterns
The bull score index is important for understanding Bitcoin’s price action. It indicates the correlation between the price and traders’ behaviors to spot optimism and pessimism in the dynamics of price flow. Under bullish market conditions, the price generally rises with a high bull score, but when the market is in a downtrend, bull score declines, delivering resistance for the price.
Bitcoin changed its oscillation from bullish to bearish trend over the past few years, but the bull score has shown several changes. The most recent Bitcoin chart tells of its struggles to keep its price above the $91K-$92K range, which previously acted as a resistance level. The market has rejected this price repeatedly, keeping it in the second phase of a bearish cycle.
As Bitcoin keeps probing resistance, the important question is whether the bull score exceeds 60 and brings bullish vigor back into play. If this happens, then it may well be that Bitcoin breaks free of its current resistance and ventures to new heights.
Bullish Market Current Prospects for Bitcoin
Currently, Bitcoin indicates hesitation in price as it approaches the $91K-$92K resistance zone. The chart shows that, despite some improvements in Bitcoin’s price in the last few months, the digital currency still finds it difficult to cross this critical price boundary. Bitcoin’s struggle can also be seen in the index of the bull score which has remained below 40, signaling bearish conditions.
Nonetheless, the fact that there seems to be a consistent increase in prices demonstrates that the market is on the verge of breaking out. The second bearish scenario indicates that this timeframe could shift very soon, with Bitcoin remaining on this upward trend and rallying through resistance levels. Analysts, it seems, are on the lookout for reports of a climbing bull score since that will likely signal the onset of a more sustained bullish trend.
