Bitcoin Trapped Below 88.5K? Here’s Why Chasing This Spike Could Burn You
Bitcoin saw an 18% move off its lows, but it’s now back to roughly where it was in late February.
It’s been grinding sideways with a few decent swings in between, though nothing truly convincing in either direction. In times like these, doing less is often better than doing more.
The danger is to buy the spike, only to watch it fade. It’s a choppy market where you get worn out by false signals. So, capital preservation matters more than anything in these types of spots.
Still Pointing Down
Now, when I zoom out and look at this from a wider perspective, I’m still seeing that pattern of lower highs and lower lows. Until that changes — and it hasn’t — we’re not in any kind of sustained move higher. Could it turn? Sure. But the chart isn’t showing that yet.
We printed that new low not long ago, and since then the bounce has been okay, but not really convincing. Most think that was the base. Could be — but more often than not, those types of rebounds don’t stick without confirmation above some key levels. For me, that line in the sand is still around 88.5K.
Not the Time to Chase
If we do spike toward that 88.5K area in the near-term, I’ll still be hesitant. Without clear support levels along the way, I’d approach it with caution—it could turn out to be a trap. If Bitcoin climbs back toward that level, after forming a solid base, that move would feel more reliable.
Should the downtrend persist, the next move would likely be lower—possibly retesting $74,000, or even dipping further.
And if that comes, that’s where I want to be looking for proper entry again. A flush down would give us the kind of washout we typically see into a real turning point.
Alts Still Struggling
On the altcoin side, little has shifted. Many are still showing weakness against Bitcoin, which is evident in the Bitcoin dominance chart that keeps trending higher.
I did bought some Solana after it broke $125, but I will only hold if it can stay above the $120–$125 level. My profit targets are around $160 and $180.
If Bitcoin drifts lower in the coming weeks, altcoins will likely take a bigger hit, as they often do. That additional downside exposure should be limited.
Wrapping Up
Overall, the four-year cycle still has enough time for a potential final move. Whether it happens now or Bitcoin needs to retest $74,000 again remains to be seen.
My exposure is light. I’m still leaning toward the view that the weekly trend is downward until we see a clear shift. Trying to force a move here isn’t worth the risk.
Thanks for reading!
Written by Timothy Assi, an Elite Popular Investor on eToro.
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