Bitcoin Price Struggles Below $89,000 Amid Resistance Challenges

Bitcoin Price Analysis

  • Bitcoin attempted a recovery wave above $86,800 but faced resistance at $89,250.
  • The price is trading above $87,000 and the 100 hourly Simple Moving Average.
  • A key rising channel with support at $87,650 is forming on the hourly BTC/USD chart.
  • A break above the $89,500 zone may lead to further gains towards $90,500 or even $92,000.
  • If unable to rise above $89,000, Bitcoin might decline, with immediate support at $87,500 and major support at $86,800.
  • Technical indicators: Hourly MACD losing bullish momentum; RSI above 50.

Bitcoin Price

Support Levels: $87,500, $86,800

Resistance Levels: $89,000, $89,500