Bitcoin Fails to Surpass $90,000, Consolidates Below $88,000
Bitcoin's price failed to surpass $90,000 and has retraced its recent gains, currently consolidating losses. Key points include:
- Bitcoin started a recovery wave but could not exceed the $90,000 mark.
- The price is below $88,000 and the 100-hourly Simple Moving Average.
- A declining channel is forming with resistance at $87,500 on the BTC/USD hourly chart from Kraken data.
- If trading below $86,500, Bitcoin may continue to decline.
Current Situation
Bitcoin attempted a surge above $88,500 but struggled near $90,000. After peaking at $90,298, it experienced a sharp drop, falling below $88,000 and reaching a low of $86,700. It is consolidating losses under the 23.6% Fib retracement level from $90,298 to $86,700.
Resistance levels are at $87,500 and $88,000. A successful break above $88,500 might lead to testing higher resistances at $89,200 and possibly $90,000.
Potential Downtrend
If Bitcoin fails to clear the $88,500 resistance, it could face further declines with immediate support at $86,500, followed by $86,000 and $85,500. A deeper fall may target the main support at $83,500.
Technical Indicators:
- Hourly MACD: Gaining pace in the bearish zone.
- Hourly RSI: Below the 50 level for BTC/USD.
- Major Support Levels: $87,500, $88,000.
- Major Resistance Levels: $86,500, $86,000.