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3 hours ago
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Bitcoin Price Falls Below $90,000 Amid Bearish Market Signs

Bitcoin Price Analysis

  • Bitcoin's price declined below $92,000 and $90,000, indicating a bearish trend.
  • Currently trading below $90,000 and the 100 hourly Simple Moving Average.
  • A bearish trend line on the BTC/USD hourly chart shows resistance at $91,000.
  • If Bitcoin remains below $90,000, further declines are possible.

Current Market Situation

The price dropped to a low of $85,276 and is consolidating losses, remaining below the 23.6% Fib retracement level from the recent high of $92,872.

Resistance levels to watch include:

  • $87,000: Potential initial resistance for recovery attempts.
  • $89,000: Also aligns with the 50% Fib retracement level.
  • $91,000: A break above this could push the price higher toward $92,500 and possibly $93,200.

Bitcoin Price

Potential for Further Losses

  • Failure to surpass $90,000 could lead to more declines.
  • Immediate support lies around $85,500 and $85,000.
  • Further downside targets include $83,200 and $82,500, with major support at $80,000.

Technical Indicators

  • Hourly MACD: Gaining pace in the bearish zone.
  • Hourly RSI: Currently below 50, signaling bearish momentum.