Bitcoin Price Recovers Above $87,500 but Faces Resistance Near $92,000

Bitcoin Price Update

Bitcoin began recovery from the $85,000 zone.
Current trading price is below $90,000 and the 100-hour Simple Moving Average.
A short-term contracting triangle has formed with resistance at $89,650.
The price may decline again if it does not surpass the $92,000 resistance.

Bitcoin recently faced a decline below $90,000, testing support levels at $88,000 and $87,000 before forming a low at $84,665. Following this, it moved above the $86,000 and $87,000 resistance levels, approaching the 50% Fibonacci retracement level of the downward move from $92,741 to $84,665.

Immediate resistance is near $88,700, with key resistance at $90,000. The next important resistance level is identified at $92,000. A close above this level could lead to further gains, potentially reaching $93,500 or higher toward $95,000 or $96,200.

If Bitcoin fails to break through $90,000, it may face a fresh decline. Immediate support is at $87,000, followed by major support levels at $86,200 and $85,000. Further losses may see prices dropping to $82,000, with primary support at $80,000.

Technical indicators show the MACD losing momentum in the bullish zone and RSI below 50.