Bitcoin Struggles at $84K as Bulls Eye Breakout Above $85K

Bitcoin is trading around $84,000 after bouncing from last week’s dip below $77,000, but momentum has cooled as the market faces indecision. Despite the rebound, BTC remains locked in a consolidation range with resistance near $85,000 and support around $81,000.

Technical indicators paint a neutral picture. The Relative Strength Index (RSI) is hovering near 51, suggesting neither overbought nor oversold conditions. Price action remains within a descending channel, with a breakout above $85,000 needed to ignite fresh bullish momentum. Failure to do so could lead to another retest of the $77,000 zone.

On-chain data supports the current pause in trend. Exchange reserves continue to decline slowly, showing reduced selling pressure, while the MVRV Z-score suggests the market is cooling from recent overheated conditions. The Puell Multiple indicates miners remain profitable but aren’t contributing significant sell pressure.

ETF inflows 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 breaks above $85,000 with strong volume, bulls may target $90K–$92K. Otherwise, a rejection at resistance could see prices fall back toward $77K support.

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

Ethereum (ETH) is trading near $1,600, down significantly from its early 2025 peak of nearly $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 suggest ETH could be in the early stages of stabilization.

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

On-chain and derivatives data also support the case for a possible rebound. Ethereum’s open interest has climbed above $21 billion—its highest since March—indicating growing speculative interest. This influx of capital signals that traders are positioning for upside, even in the face of recent volatility.

The key levels to watch in the coming days are $1,670 on the upside and $1,550 on the downside. A confirmed breakout above $1,670 could trigger a run toward the $2,000 mark, a level that acted as a major support in Q1 before the correction. Failure to hold $1,550, however, may lead to renewed selling pressure and a possible drop to the $1,400–$1,450 zone.

Overall, Ethereum’s short-term trajectory remains uncertain, but early signs of strength—particularly in the derivatives market—suggest traders are not counting ETH out just yet.