Bitcoin, the world’s largest cryptocurrency, has been on a rollercoaster ride in recent weeks. After reaching an all-time high of $64,863 in mid-April, it experienced a sharp decline, dropping to a low of $47,000 in just a matter of days. However, it has since shown signs of recovery, with its price hovering around the $85,000 mark.

But the road to recovery for Bitcoin is not an easy one. The digital currency is facing strong resistance at the $90,000 level, indicating a fierce battle between the bulls and the bears. This resistance is a crucial level for Bitcoin, as it has previously acted as both support and resistance in the past.

So, what does this mean for the future of Bitcoin? Will it continue its upward trend or will it face further setbacks? Let’s take a closer look at the factors that could influence Bitcoin’s price in the coming days.

One of the main factors affecting Bitcoin’s price is the ongoing debate around its environmental impact. With the increasing awareness of climate change and the carbon footprint of cryptocurrencies, many investors are becoming more cautious about investing in Bitcoin. This has led to a decrease in demand and could potentially hinder its recovery.

On the other hand, there are also positive developments that could support Bitcoin’s price. The recent announcement by PayPal that it will allow its US customers to pay with cryptocurrencies is a significant step towards mainstream adoption. This could potentially attract more investors and drive up demand for Bitcoin.

In addition, the upcoming Bitcoin halving event, which will reduce the supply of new Bitcoins entering the market, could also have a positive impact on its price.

In conclusion, while Bitcoin is facing strong resistance at the $90,000 level, there are both positive and negative factors that could influence its price in the near future. As always, it is important for investors to stay informed and make well-informed decisions when it comes to investing in cryptocurrencies.