BEARISH 📉 : Bitcoin struggles below $89,000 facing potential further decline

Bitcoin Price Update:

Bitcoin price attempted recovery above $89,500 but failed to sustain above $90,000.
Currently trading above $88,200 and the 100 hourly simple moving average.
A rising channel is forming with support at $88,100 on the BTC/USD hourly chart.
If Bitcoin falls below $88,000, it may continue declining towards $87,500 or lower.

Current Market Dynamics

Bitcoin stabilized above the $88,000 support, initiating a recovery wave past $88,500. It rose above the $89,000 mark but faced resistance near $90,000, leading to a decline below $89,000.

Resistance levels are identified at $89,150 and $89,800. A sustained move above these could push the price toward $90,250 and possibly up to $91,200.

Bitcoin Price

Potential Downside Risks

If Bitcoin fails to surpass the $89,150 resistance, it might face further declines. Key support zones include $88,200 and $88,000, with additional support at $87,200 and $86,000.

Technical Indicators:

Hourly MACD: Increasing bearish momentum.
Hourly RSI: Below the neutral 50 level.
Support Levels: $88,200 and $87,000.
Resistance Levels: $89,150 and $89,800.