#SaylorBTCPurchase Bitcoin risks falling between 10% and 15% after a key rejection near $89,000

Bitcoin traders see the beginning of a BTC price reversal.

Bitcoin risks falling between 10% and 15% after a key rejection near $89,000

Market update

Bitcoin traders

BTC

€79,274

see the beginning of a BTC price reversal, as classic resistance halts the bulls.

1-hour chart of the BTC/USD pair. TradingView

The 200-day moving average keeps BTC's price immobilized

Data from Cointelegraph Markets Pro and TradingView shows that the BTC/USD pair is cooling off after reaching new April highs of $88,874.

After strengthening at the beginning of the week, Bitcoin raised hopes for a movement similar to gold, as the latter marked multiple all-time highs.

Those highs continued on April 22, while BTC's price action, on the contrary, saw a rejection at the key 200-day simple moving average (SMA).

"It's an interesting point. It broke above the daily 200EMA (blue) and the diagonal resistance. So far, it saw a strong rejection from the daily 200MA (Purple)," said trader Daan Crypto Trades in a post on X along with an explanatory chart.