Bitcoin Price Recovers Above $88,000 Amidst Resistance Challenges

Bitcoin's price fell below $88,000 but is now recovering from the $86,700 support level. Key points include:

  • Bitcoin started to recover above $88,000, trading above the 100 hourly Simple Moving Average.
  • A break occurred above a declining channel with resistance at $87,300 on the BTC/USD hourly chart.
  • If Bitcoin remains stable above $87,500, it may attempt another recovery.

Resistance and Support Levels

  • Immediate resistance is at $88,500, with key resistance levels at $88,900 and $89,500.
  • A close above $89,500 could lead to testing resistance at $90,200 and $90,500.
  • If unable to surpass $89,000, Bitcoin might decline, with major support at $87,500 and further at $86,700.

Bitcoin Price

Technical Indicators

  • Hourly MACD is gaining pace in the bullish zone.
  • Hourly RSI for BTC/USD is above the 50 level.
  • Major support levels are $87,500 and $86,700.
  • Major resistance levels are $88,500 and $89,000.