NewsBTC
15 hour ago
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Bitcoin Faces Resistance at $88,000 Amid Recovery Attempt

Bitcoin Price Movement

  • Bitcoin's price declined below $88,000 and is trading below $87,500 and the 100 hourly SMA.
  • There was a break above a short-term bearish trend line with resistance at $86,000 on the BTC/USD hourly chart.
  • The price might continue to decline if it settles below the $85,500 zone.

Current Recovery Attempt

  • After failing to maintain above $90,000, Bitcoin dropped sharply below $88,500 and $88,000.
  • A low was formed at $83,870, and the price is now correcting losses.
  • The price surpassed the 23.6% Fib retracement level of the recent decline.
  • Immediate resistance is near $87,250, with key resistance at $88,000 or the 50% Fib level.
  • Next resistance targets are $88,500, $90,000, $91,500, $92,000, and $92,500.


Bitcoin Price

Potential Downward Movement

  • If Bitcoin fails to surpass $88,000, another decline may occur.
  • Immediate support is at $85,500, with major supports at $85,000 and $83,500.
  • Further losses could push the price toward $82,500 and possibly $81,200.

Technical Indicators

  • Hourly MACD: Losing pace in the bearish zone.
  • Hourly RSI: Above the 50 level for BTC/USD.

Support and Resistance Levels

  • Major Support: $85,500, then $85,000.
  • Major Resistance: $87,250 and $88,000.