Reason to trust
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 from the $85,000 zone. BTC is back above $87,500 and might struggle to clear the $92,000 resistance zone.
- Bitcoin started a fresh upward move from the $85,000 zone.
- The price is trading below $90,000 and the 100 hourly Simple moving average.
- There is a short-term contracting triangle forming with resistance at $89,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another decline if it fails to clear the $92,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price started a fresh decline below the $90,000 level. BTC traded below the $88,000 and $87,000 support levels. Finally, the price tested the $85,000 support zone.
A low was formed at $84,665 and the price recently started a recovery wave. There was a move above the $86,000 and $87,000 resistance levels. The bulls pushed the price toward the 50% Fib retracement level of the downward move from the $92,741 swing high to the $84,665 low.
Bitcoin price is now trading below $90,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $88,700 level. The first key resistance is near the $90,000 level.
There is also a short-term contracting triangle forming with resistance at $89,650 on the hourly chart of the BTC/USD pair. It is close to the 61.8% Fib retracement level of the downward move from the $92,741 swing high to the $84,665 low.
The next key resistance could be $92,000. A close above the $92,000 resistance might send the price further higher. In the stated case, the price could rise and test the $93,500 resistance level. Any more gains might send the price toward the $95,000 level or even $96,200.
Another Decline In BTC?
If Bitcoin fails to rise above the $90,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $87,000 level. The first major support is near the $86,200 level.
The next support is now near the $85,000 zone. Any more losses might send the price toward the $82,000 support in the near term. The main support sits at $80,000.
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 – $87,000, followed by $85,000.
Major Resistance Levels – $90,000 and $92,000.
