Bitcoin Price Recovery Runs Out of Steam, Leaving Bears Ready to Strike
Analysis
Price Impact
HighBitcoin is struggling to clear the $92,000 resistance level after a recovery attempt. a failure to break this resistance could lead to a significant decline, potentially below key support levels at $90,000 and $89,080.
Trustworthiness
HighThe source explicitly states a strict editorial policy focusing on accuracy, relevance, and impartiality, created by industry experts and meticulously reviewed, upholding the highest standards in reporting.
Price Direction
BearishBtc's recovery wave is losing momentum at $92,000, with a short-term bullish trend line broken. technical indicators like rsi below 50 and macd losing bullish pace suggest increasing bearish pressure and potential for further losses if critical support levels are breached.
Time Effect
ShortThe analysis focuses on immediate resistance and support levels, hourly charts, and 'near-term' price movements, indicating a short-term outlook.
Original Article:
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 $90,000. BTC is now struggling to clear $92,000 and might start another decline below $90,000. Bitcoin started a recovery wave and climbed toward $92,000. The price is trading above $90,000 and the 100 hourly Simple moving average. There was a break below a short-term bullish trend line with support at $90,800 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 $90,000 zone. Bitcoin Price Faces Resistance Bitcoin price managed to stay above the $88,500 level. BTC formed a base and recently started a recovery wave above the $90,000 resistance zone . The pair climbed above the $91,000 level. A high was formed at $91,878 and the price is now correcting some gains . There was a break below a short-term bullish trend line with support at $90,800 on the hourly chart of the BTC/USD pair. The pair is now approaching the 23.6% Fib retracement level of the upward move from the $86,299 swing low to the $91,878 high. Bitcoin is now trading above $90,000 and the 100 hourly Simple moving average. If the bulls remain in action, the price could attempt another increase. Source: BTCUSD on TradingView.com Immediate resistance is near the $91,200 level. The first key resistance is near the $92,000 level. The next resistance could be $92,500. A close above the $92,500 resistance might send the price further higher. In the stated case, the price could rise and test the $93,750 resistance. Any more gains might send the price toward the $94,500 level. The next barrier for the bulls could be $95,000 and $95,500. More Losses In BTC? If Bitcoin fails to rise above the $92,000 resistance zone, it could start another decline. Immediate support is near the $90,500 level. The first major support is near the $89,080 level or the 50% Fib retracement level of the upward move from the $86,299 swing low to the $91,878 high. The next support is now near the $88,450 zone. Any more losses might send the price toward the $87,500 support in the near term. The main support sits at $86,300, 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 below the 50 level. Major Support Levels – $89,080, followed by $88,450. Major Resistance Levels – $91,200 and $92,000.