Bitcoin Price Backs Off Resistance — Breakdown Or Brief Pause?
Analysis
Price Impact
HighBitcoin failed to sustain above $90,000 and is now declining. the price is at a critical juncture, trading near major support levels like $88,000. a breakdown below this could lead to significant further declines, while a successful bounce could initiate a new recovery.
Trustworthiness
HighThe source explicitly states a strict editorial policy focusing on accuracy, relevance, and impartiality, created by industry experts, meticulously reviewed, and adheres to the highest standards in reporting.
Price Direction
NeutralCurrently, btc is declining after being rejected at $90,000. it is trading above $88,200 and the 100 hourly sma, with a rising channel support at $88,100. while technical indicators (macd and rsi) are in bearish zones, strong support at $88,000 and $87,200 could halt the decline. however, a break below $88,000-$87,500 would confirm a bearish trend, while a close above $89,800 is needed for a renewed bullish attempt.
Time Effect
ShortThe analysis focuses on hourly charts, immediate resistance and support levels, 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 $89,500 but failed above $90,000. BTC is declining and might dip further if it breaks $88,000. Bitcoin failed to remain above $90,000 and started another decline. The price is trading above $88,200 and the 100 hourly simple moving average. There is a rising channel forming with support at $88,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip further if it trades below the $88,000 and $87,500 levels. Bitcoin Price Faces Rejection Bitcoin price remained stable above the $88,000 support . BTC formed a base and recently started a recovery wave above the $88,500 level. The price climbed above the $89,000 and $89,500 levels. There was a move above the 76.4% Fib retracement level of the downward move from the $91,098 swing high to the $86,007 low. The bulls even pushed the price above $90,000 but they failed to keep the price in a positive zone. There was a fresh decline below $89,000. Bitcoin is now trading above $88,200 and the 100 hourly simple moving average. Besides, there is a rising channel forming with support at $88,100 on the hourly chart of the BTC/USD pair. If the price remains stable above $88,000, it could attempt a fresh increase . Immediate resistance is near the $89,150 level. The first key resistance is near the $89,800 level. A close above the $89,800 resistance might send the price further higher. Source: BTCUSD on TradingView.com In the stated case, the price could rise and test the $90,250 resistance. Any more gains might send the price toward the $91,200 level. The next barrier for the bulls could be $92,000 and $92,500. Another Rejection In BTC? If Bitcoin fails to rise above the $89,150 resistance zone, it could start another decline. Immediate support is near the $88,200 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 $87,000 support in the near term. The main support sits at $86,000, below which BTC might struggle to recover 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 – $88,200, followed by $87,000. Major Resistance Levels – $89,150 and $89,800.