Bitcoin Faces Resistance Near $89,000 Amid Recovery Efforts

Bitcoin Price Analysis

Bitcoin price initiated a recovery wave, reaching towards $89,000.
Currently trades above $86,000 and the 100 hourly SMA.
A bearish trend line is forming with resistance at $89,000 on the BTC/USD chart.
Potential continuation of downward movement if the price falls below $86,000.

Resistance Levels

After maintaining above $82,000, Bitcoin began recovering past the $85,000 resistance. It surpassed the $86,500 resistance, but faces strong resistance near:

$88,500
$89,000 (trend line)
$90,000 or the 76.4% Fib retracement

If BTC closes above $90,000, potential targets include:

$92,500
$93,200
Further resistance at $94,500 and $95,000

Potential Decline

Failure to surpass $89,000 may lead to another decline. Key support levels include:

$86,750 (immediate support)
$86,000 (major support)
$83,500
Further losses could target $82,500 and $80,000

Technical Indicators:

Hourly MACD: Losing momentum in the bullish zone.
Hourly RSI: Above 50 level for BTC/USD.