Bitcoin Price Consolidates Below $88,000 Resistance Zone
Bitcoin price is stable above $86,000, consolidating for a potential move above $88,000.
- BTC initiated a recovery wave above $86,800.
- The current trading price is below $87,200 and the 100-hour SMA.
- A bearish trend line has formed with resistance at $88,000 on the hourly chart.
- If BTC surpasses $88,000 and $88,200, it may begin another increase.
Bitcoin Price Faces Key Resistance
Bitcoin holds steady above $85,500. A base has formed, leading to recovery above $86,500.
Bulls have pushed the price above $87,200 and the 61.8% Fib retracement level from the recent high of $88,260 to low of $85,852. However, resistance remains strong below $88,000.
The price currently trades below $87,500. Immediate resistance is near $87,700 and the 76.4% Fib retracement level.
Key resistance levels are:
- $88,000
- $88,250
A close above $88,250 could lead to further increases, testing $88,800 and potentially reaching $90,000 or $90,500.
Potential Decline in BTC
If Bitcoin does not break above $88,000, it may decline. Immediate support is near $86,800 with major support at:
- $86,400
- $85,850
- $85,000
- $84,500
Technical indicators show:
- Hourly MACD indicates bearish momentum.
- RSI for BTC/USD is below the 50 level.