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8 hour ago
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Bitcoin Price Recovery Challenges $89,000 Resistance

Bitcoin is experiencing a recovery wave, trading above $88,000 and the 100 hourly Simple moving average. The current focus is on surpassing the resistance levels at $88,750 and $89,500.

  • Bitcoin found support above $85,500 and began a recovery, climbing past $87,000.
  • The price surpassed the 50% Fib retracement level of its recent downward movement.
  • A bearish trend line with resistance at $88,750 is forming on the BTC/USD hourly chart.
  • First key resistance is at $89,500, with subsequent levels at $89,800 and potential targets of $90,200, $90,500, $91,500, and $92,000.
  • If unable to break $89,500, Bitcoin might decline, with support at $88,000, $87,250, and further down at $86,500 and $85,500.

Technical Indicators:

  • MACD: Gaining pace in bullish zone.
  • RSI: Above the 50 level for BTC/USD.
  • Major Support Levels: $88,000 and $87,250.
  • Major Resistance Levels: $88,750 and $89,500.

Bitcoin Price