Bitcoin Price Recovery Loses Strength, Traders Watch $90K as Last Line of Defense
Analysis
Price Impact
HighBitcoin is at a critical juncture, facing strong resistance around $89,000-$90,000. a definitive break above $90,000 could lead to significant upside towards $92,500-$95,000, while a failure to hold support levels like $86,000 and especially $80,000 could trigger a sharp decline.
Trustworthiness
HighThe source explicitly states a strict editorial policy focusing on accuracy, relevance, and impartiality, created by industry experts and meticulously reviewed, adhering to the highest standards in reporting.
Price Direction
NeutralWhile btc saw a recovery wave, it is now struggling at key resistance levels ($89,000-$90,000). the price action is at a decision point; a clear break above resistance would be bullish, whereas a sustained move below major support at $86,000 and then $80,000 would be bearish.
Time Effect
ShortThe analysis is based on hourly charts and discusses 'near-term' price movements and immediate resistance/support levels, indicating a focus on short-term trading opportunities and risks.
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Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a recovery wave above $88,000. BTC is now struggling and might face hurdles near the $89,500 zone and $90,000. Bitcoin started a recovery wave and climbed toward $89,000. The price is trading above $86,000 and the 100 hourly Simple moving average. There is a bearish trend line forming with resistance at $89,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it settles below the $86,000 zone. Bitcoin Price Faces Resistance Bitcoin price managed to stay above the $82,000 level. BTC formed a base and recently started a recovery wave above the $85,000 resistance zone. There was a move above the $86,500 resistance zone . The bulls pushed the price above the 50% Fib retracement level of the downward move from the $92,872 swing high to the $80,595 low. However, the bears seem to be active below the $90,000 zone. Besides, there is a bearish trend line forming with resistance at $89,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $87,000 and the 100 hourly Simple moving average. If the bulls attempt another recovery wave, the price could face resistance near the $88,500 level. The first key resistance is near the $89,000 level and the trend line. The next resistance could be $90,000 or the 76.4% Fib retracement level of the downward move from the $92,872 swing high to the $80,595 low. Source: BTCUSD on TradingView.com A close above the $90,000 resistance might send the price further higher. In the stated case, the price could rise and test the $92,500 resistance. Any more gains might send the price toward the $93,200 level. The next barrier for the bulls could be $94,500 and $95,000. Another Decline In BTC? If Bitcoin fails to rise above the $89,000 resistance zone, it could start another decline. Immediate support is near the $86,750 level. The first major support is near the $86,000 level. The next support is now near the $83,500 zone. Any more losses might send the price toward the $82,500 support in the near term. The main support sits at $80,000, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $86,000, followed by $83,500. Major Resistance Levels – $89,000 and $90,000.