Bitcoin Price Defends Support As Traders Question Next Upside Push
Analysis
Price Impact
HighBitcoin has seen a sharp decline below key support levels ($90,000, $89,500) and is consolidating losses. the price faces significant resistance at $91,350 and $92,000, with potential for further drops towards $87,200 or even $85,500 if these resistances are not cleared. a breakout above $92,000 could trigger a recovery, but bearish sentiment prevails.
Trustworthiness
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Price Direction
BearishBitcoin started a fresh decline, dipping to new weekly lows around $87,200, and is trading below the 100 hourly simple moving average. multiple bearish trend lines are forming, and the price is struggling to overcome immediate resistance levels, indicating continued downward pressure or struggle for significant recovery.
Time Effect
ShortThe analysis is based on hourly charts and references 'near term' price movements, focusing on immediate support and resistance levels for the coming hours to days.
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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 fresh decline below $89,500. BTC is consolidating losses and might attempt a recovery wave if it clears $92,000. Bitcoin started another drop below $90,000 and $89,000. The price is trading below $90,500 and the 100 hourly Simple moving average. There are two bearish trend lines forming with resistance at $90,300 and $93,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it stays below the $92,000 zone. Bitcoin Price Dips To New Weekly Lows Bitcoin price failed to stay above the $91,000 support and started a fresh decline . BTC declined sharply below the $90,000 and $89,500 support levels. The bears even pushed the price below $88,000. A low was formed at $87,200, and the price is now consolidating losses. There was a minor recovery wave above $89,200 and the 23.6% Fib retracement level of the recent decline from the $95,475 swing high to the $87,200 low. Bitcoin is now trading below $90,500 and the 100 hourly Simple moving average . If the price remains stable above $88,000, it could attempt a fresh increase. Immediate resistance is near the $90,500 level. Besides, there are two bearish trend lines forming with resistance at $90,300 and $93,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The first key resistance is near the $91,000 level. The next resistance could be $91,350 or the 50% Fib retracement level of the recent decline from the $95,475 swing high to the $87,200 low. A close above the $91,350 resistance might send the price further higher. In the stated case, the price could rise and test the $93,000 resistance. Any more gains might send the price toward the $94,000 level. The next barrier for the bulls could be $95,000 and $95,500. Another Decline In BTC? If Bitcoin fails to rise above the $91,350 resistance zone, it could start another decline. Immediate support is near the $89,150 level. The first major support is near the $88,000 level. The next support is now near the $87,200 zone. Any more losses might send the price toward the $86,500 support in the near term. The main support sits at $85,500, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $89,150, followed by $88,000. Major Resistance Levels – $91,350 and $92,000.