Bitcoin is trying to form a higher low at $85,000, but the recovery attempt faces stiff resistance at $90,000, signaling a tough battle between the bulls and the bears.
Bitcoin (BTC) rebounded off the intraday low on March 7 and is trying to claw back above the $90,000 resistance, indicating buying at lower levels. Bitcoin sold off after the US Strategic Bitcoin Reserve executive order signed by US President Donald Trump fell short of expectations.
However, some analysts consider the reserve formation to be bullish as they expect other nations to follow the US in establishing their own strategic Bitcoin reserves. Additionally, the reserve mitigates the fears some institutional investors have about buying Bitcoin.
Swan Bitcoin CEO Cory Klippsten told Cointelegraph that Bitcoin is in a consolidation phase, but that is not likely to end the bull run. Bitcoin is expected to make a new all-time high above $109,000 before the end of June this year.
