Bitcoin Price Consolidates Below $88,000 Amid Bearish Trend
Bitcoin's price has dropped below the $87,000 support zone and is currently consolidating, facing resistance around the $89,350 mark. Key points include:
- Bitcoin declined further under the $87,500 level.
- Currently trading below $88,000 and the 100 hourly Simple Moving Average.
- A bearish trend line with resistance at $88,500 is forming on the BTC/USD hourly chart.
- If momentum builds, Bitcoin might attempt to surpass the $89,350 resistance.
Price Movement and Trends
Bitcoin struggled to maintain levels above $89,000 and $88,500. It dipped below the $88,000 support and spiked under $86,500. The bulls were active around the $85,000 zone, with a low of $85,151 leading to an upward correction.
The current resistance levels are $88,000 and $88,500, with a significant barrier at $89,350. Surpassing this could lead to testing $90,000 and possibly $91,200. Further gains may target $92,000 and $92,500.
Potential Decline
If Bitcoin fails to break past the $88,500 resistance, it could face another decline. Immediate support lies at $87,000, followed by significant supports at $86,500 and $85,500. A drop below $83,500 might accelerate losses.
Technical Indicators:
- Hourly MACD: Losing pace in the bearish zone.
- Hourly RSI: Near the 50 level for BTC/USD.
- Major Support Levels: $85,500 and $85,500.
- Major Resistance Levels: $88,500 and $89,350.