Bitcoin Faces Potential Price Dip After Key Resistance Rejection

Bitcoin (BTC) has shown signs of price reversal, with traders observing resistance near $89,000 after strong gains this week. The 200-day moving average (SMA) – traditionally a support level during bullish markets – seems to be acting as a barrier for the current rally. While Bitcoin hit new highs above $88,874 in April and briefly challenged resistance levels, traders are now highlighting its recent rejection at this crucial SMA level.