Bitcoin Drops Below $86,500 as Bears Dominate Market

Bitcoin Price Decline

Bitcoin BTC began a decline from $92,000, dropping over 5%.
The price is trading below $88,000 and the 100-hourly Simple Moving Average.
A key bullish trend line was broken at $89,500 on the BTC/USD hourly chart.
Potential further declines if it remains below $86,500.

Current Price Analysis

Bitcoin failed to maintain above the $92,000 resistance, falling below $90,500 and $90,000. A low was formed at $86,500, with consolidation occurring below the 23.6% Fib retracement of the recent drop.

Currently trading under $90,000, Bitcoin faces immediate resistance at $87,850, with significant resistance at $89,200 (50% Fib retracement). Further resistance levels include $89,500 and $90,650.

Bitcoin Price

Potential for More Losses

If Bitcoin doesn't rise above $87,800, further declines are possible. Immediate support lies at $86,500, with major support at $86,000. Additional declines could push the price toward $85,500, $83,500, and potentially $82,200.

Technical Indicators:

Hourly MACD: Bearish momentum increasing.
Hourly RSI: Below 50, indicating bearish pressure.
Major Support Levels: $86,500, $86,000.
Major Resistance Levels: $87,800, $89,200.