Bitcoin Price Declines Below $90,000 Support Level

Bitcoin has declined below $90,000, approaching critical support levels.

Bitcoin started a decline from $95,500.
Current trading is below $90,000 and the 100 hourly Simple Moving Average.
A short-term triangle forms with resistance at $89,000.
Failure to stay above $90,000 may lead to further declines.

Price Movement Overview

Bitcoin failed to maintain levels above $95,500, dropping below support at $93,200 and $92,200. The price fell to $86,000 before consolidating above $88,500, nearing the 23.6% Fib retracement level of the recent drop.

Currently, Bitcoin trades below $91,200 and the 100 hourly SMA. Key resistance levels are set at $90,000 and $91,250, with potential gains leading towards $93,500 and possibly $95,000 or $96,400 if above $91,250.

Potential for Further Decline

If Bitcoin does not surpass the $90,000 resistance, it risks another decline. Immediate downside support is around $88,000, followed by major supports at $87,250 and $86,000. A further drop could target $85,000 and main support at $83,200.

Technical indicators show:

MACD losing pace in the bearish zone
RSI below 50

Key support levels are $88,000 and $86,000. Major resistance levels are $90,000 and $91,250.