The Bitcoin price started to fall below $90,000 again. BTC is now showing bearish signs and could struggle to recover above $88,500.
- Bitcoin started a new decline below $92,000 and $90,000.
- The price is trading below $90,000 and the 100 hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $91,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it falls below the $90,000 zone.
Bitcoin price continues to fall
Bitcoin price failed to remain in a positive zone above the $90,000 level. BTC bears remained active below $88,800 and pushed the price lower.
The bears gained strength and were able to push the price below the $87,500 zone. A low was formed at $85,276, and the price is now consolidating losses below the 23.6% Fib retracement level from the recent decline from the swing high of $92,872 to the low of $85,276.
Bitcoin is now trading below $90,000 and the 100 hourly Simple Moving Average. Furthermore, a bearish trendline is forming with resistance at $91,500 on the hourly chart of the BTC/USD pair.
If the bulls attempt another recovery wave, the price may encounter resistance near the USD 87,000 level. The first major resistance is near the $89,000 level and the 50% Fib retracement level of the recent decline from the $92,872 swing high to the $85,276 low.
The next resistance could be $91,000 and the trendline. A close above the USD 91,000 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 92,500 resistance. Any further gains could send the price towards the USD 93,200 level. The next barrier for the bulls could be $94,500 and $95,000.
Lose more in BTC?
If Bitcoin fails to rise above the $90,000 resistance zone, it could trigger another decline. The immediate support is approaching the $85,500 level. The first major support is near the $85,000 level.
The next support is now near the $83,200 zone. Any further losses could send the price towards the USD 82,500 support in the short term. The key support is at $80,000, below which BTC could potentially accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 85,500, followed by USD 85,000.
Major resistance levels – $87,000 and $89,000.