Bitcoin Tests Key Resistance Level for the Third Time in Six Months, Failure Could Lead to a Drop Below $60,000

BlockBeats News, April 16th, according to analyst Alicharts, Bitcoin is at a crucial turning point.

Bitcoin is testing the 100-day Simple Moving Average (SMA) as a resistance level, marking the third test in six months. The two previous attempts ended in failure:

Last October, Bitcoin's breakout failed, leading to a 30% drop from $116,000 to $80,000.

In January, Bitcoin similarly failed to break out, resulting in a 39% drop from $97,000 to $59,800.

Alicharts warned that being rejected here for the third time would be a significant structural breakdown. It could trigger a triple top effect, potentially sending Bitcoin's price back towards the yearly low of $59,800. However, if BTC manages to break through this barrier and close above the 100-day SMA, then the sky is the limit. A breakthrough here would pave the way for a direct path to $80,000 – $84,000, confirming that the macro correction may have ended.