Bitcoin Price Resists Breakdown, Support Level Holds—for Now
Analysis
Price Impact
HighBitcoin is at a critical juncture, having resisted a breakdown at the $86,700 support. a successful break above key resistances ($88,500, $89,000) could trigger a significant recovery, while failure to hold above $87,500 could lead to further decline towards $85,000.
Trustworthiness
HighThe source explicitly states a strict editorial policy focusing on accuracy, relevance, and impartiality, with content created by industry experts and meticulously reviewed, adhering to the highest standards in reporting and publishing.
Price Direction
BullishBtc has initiated a recovery wave above $88,000, breaking above a declining channel and trading above the 100 hourly sma. technical indicators (macd and rsi) are showing bullish momentum. however, significant resistance levels at $88,500 and $89,000 need to be overcome to confirm a sustained upward move.
Time Effect
ShortThe analysis focuses on hourly charts, immediate support/resistance levels, and 'near term' price movements, indicating a short-term trading 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 trimmed all gains and dived below $88,000. BTC is now recovering losses from the $86,700 support but faces many hurdles. Bitcoin started a recovery wave above the $88,000 zone. The price is trading above $88,000 and the 100 hourly Simple moving average. There was a break above a declining channel with resistance at $87,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it stays above the $87,500 zone. Bitcoin Price Remains Bid Near Support Bitcoin price attempted a fresh increase above $88,500 but failed. BTC trimmed all gains and dived below $88,000. However, the bulls were active near the $86,700 zone. A low was formed at $86,700, and the price recently started a fresh increase . There was a clear move above the $88,000 resistance, and the 50% Fib retracement level of the downward move from the $90,298 swing high to the $86,700 low. Besides, there was a break above a declining channel with resistance at $87,300 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $88,000 and the 100 hourly Simple moving average . If the price remains stable above $87,500, it could attempt a fresh recovery wave. Immediate resistance is near the $88,500 level. The first key resistance is near the $88,900 level or the 61.8% Fib retracement level of the downward move from the $90,298 swing high to the $86,700 low. Source: BTCUSD on TradingView.com The next resistance could be $89,500. A close above the $89,500 resistance might send the price further higher. In the stated case, the price could rise and test the $90,200 resistance. Any more gains might send the price toward the $90,500 level. The next barrier for the bulls could be $91,200 and $91,500. 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 $87,850 level. The first major support is near the $87,500 level. The next support is now near the $86,700 zone. Any more losses might send the price toward the $85,500 support in the near term. The main support sits at $85,000, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $87,500, followed by $86,700. Major Resistance Levels – $88,500 and $89,000.