COINOTAG News reports that Banmuxia, a Chinese crypto analyst, observes that Bitcoin traded higher early today but failed to gain conviction. The rebound from around $80,500 appears to be forming a rising wedge pattern, signaling potential near-term caution for BTC bulls as price action tightens near resistance.
A critical support level sits in the $89,000–$90,000 zone, where buyers have historically stepped in. A test of this floor could shape the interim trajectory if liquidity conditions shift amid ongoing market volatility.
Based on the technical setup, Banmuxia projects a monthly forecast range for Bitcoin of approximately $103,500–$112,500. Readers should note the environment may remain turbulent, underscoring disciplined risk controls and confirmation signals before taking new exposure.
Source: https://en.coinotag.com/breakingnews/bitcoin-faces-rising-wedge-after-early-rally-89k-90k-support-holds-with-next-month-target-of-103-5k-112-5k
