Bitcoin Price Falls Below $88,000 Amid Consolidation Efforts

The Bitcoin price experienced a decline, trading below the $88,000 support zone and is now consolidating.

BTC initiated a drop from the $90,500 area.
Currently below $88,000 and the 100 hourly Simple Moving Average.
A bearish trend line is forming with resistance at $89,000 on the BTC/USD hourly chart.
Price could rise if it maintains above the $85,000 level.

Current Market Movement

Bitcoin failed to maintain strength above the $90,000-$90,500 range, leading to a decline below $88,500. A low was noted at $85,151, and price is consolidating below the 23.6% Fib retracement of the recent swing high.

Bitcoin Price

Immediate resistance levels are at $87,150 and $87,500. A close above $88,000 might propel the price towards $89,000 and potentially to $90,000. Further gains could face resistance at $91,000-$91,500.

Potential Decline

If unable to surpass the $87,000 resistance, Bitcoin may see another drop. Support lies at $85,500 and $85,000, with further support at $83,500 and $82,500. Key support is at $80,000.

Technical Indicators:

Hourly MACD: Losing momentum in bearish territory.
Hourly RSI: Below the 50 mark.
Support Levels: $85,500, $85,000.
Resistance Levels: $88,000, $89,000.