Bitcoin price started to fall below $88,000 again. BTC is now trying to recover and may encounter hurdles near the $89,500 zone.
- Bitcoin started a new decline below $90,000 and $88,000.
- The price is trading below $89,000 and the 100 hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $89,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it crosses below the $85,000 zone.
Bitcoin price attempts recovery
Bitcoin price failed to remain in a positive zone above the USD 90,000 level. BTC bears remained active below $88,000 and pushed the price down.
The bears gained strength and were able to push the price below the $85,000 zone. A low was formed at $80,595, and the price is now trying to recover. There was a move above $85,000. The price climbed above the 50% Fib retracement level of the recent decline from the $92,872 swing high to the $80,595 low.
Bitcoin is now trading below $89,000 and the 100 hourly Simple Moving Average. Moreover, a bearish trendline is forming with resistance at $89,500 on the hourly chart of the BTC/USD pair.
If the bulls attempt another recovery wave, the price may face resistance near the $88,150 level and the 61.8% Fib retracement level of the recent decline from the $92,872 swing high to the $80,595 low. The first major resistance is near the $89,500 level and trendline.
The next resistance could be $90,000. A close above the USD 90,000 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 USD 89,500 resistance zone, it could trigger another decline. Immediate support is near the $86,500 level. The first major support is near the $85,000 level.
The next support is now near the $83,500 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 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 – USD 86,500, followed by USD 85,000.
Major resistance levels – $89,500 and $90,000.