Bitcoin Price Weakens Further, Additional Losses Now on the Table
Analysis
Price Impact
HighBitcoin has failed to maintain positive momentum, dipping below key support levels and moving into a bearish zone. further losses are projected if it fails to overcome current resistance levels, indicating a significant potential for price movement.
Trustworthiness
HighThe source adheres to a strict editorial policy emphasizing accuracy, relevance, and impartiality. content is created by industry experts, meticulously reviewed, and upholds the highest standards in reporting.
Price Direction
BearishBtc is trading below $88,000 and the 100 hourly simple moving average, with a bearish trend line forming resistance at $87,650. technical indicators like macd gaining pace in the bearish zone and rsi below 50 further confirm a bearish outlook. failure to rise above $88,500 could lead to further declines towards $86,750 and potentially $84,500.
Time Effect
ShortThe analysis focuses on immediate price movements, using phrases like 'now declining', 'might continue to move down', and 'in the near term', suggesting that the predicted price action is expected to unfold shortly.
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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 failed to continue higher and dipped below $88,500. BTC is now declining and might struggle to stay above $86,800. Bitcoin started a fresh decline from the $90,500 zone. The price is trading below $88,000 and the 100 hourly Simple moving average. There is a bearish trend line forming with resistance at $87,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it trades below the $86,800 zone. Bitcoin Price Corrects Gains Bitcoin price failed to stay in a positive zone and started a fresh decline below $90,000. BTC dipped below $89,500 and $88,500 to move into a bearish zone. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $84,420 swing low to the $90,552 high. Besides, there is a bearish trend line forming with resistance at $87,650 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $88,000 and the 100 hourly Simple moving average . If the price remains stable above $87,000, it could attempt a fresh recovery wave. Immediate resistance is near the $87,650 level and the trend line. Source: BTCUSD on TradingView.com The first key resistance is near the $88,500 level. The next resistance could be $89,100. A close above the $89,100 resistance might send the price further higher. In the stated case, the price could rise and test the $90,000 resistance. Any more gains might send the price toward the $90,500 level. The next barrier for the bulls could be $91,500 and $92,000. More Losses In BTC? If Bitcoin fails to rise above the $88,500 resistance zone, it could start another decline. Immediate support is near the $87,000 level. The first major support is near the $86,750 level and the 61.8% Fib retracement level of the upward move from the $84,420 swing low to the $90,552 high. The next support is now near the $86,000 zone. Any more losses might send the price toward the $85,450 support in the near term. The main support sits at $84,500, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $86,750, followed by $86,000. Major Resistance Levels – $87,650 and $88,500.