Bitcoin’s price dipped below the $90,000 support level after a correction. It is now attempting to recover but could face difficulty surpassing the $90,500 resistance zone.
Following a decline from the $92,500 area, Bitcoin is currently trading below $90,000 and the 100-hour Simple Moving Average. A bearish trend line is forming with resistance near $90,650 on the hourly chart. A sustained move above $90,500 could signal a continued upward move.
After failing to break above $92,000 and $92,500, Bitcoin corrected lower, dropping below the $90,500 support and briefly spiking under $88,000. Buyers stepped in near $87,500, forming a low at $87,582. The price has since recovered, breaking above the 23.6% Fibonacci retracement level of the recent decline.
Bitcoin remains below $90,000 and the 100-hour SMA. For the recovery to continue, it needs to overcome immediate resistance at $90,000, followed by the key $90,500 level and the nearby trend line at $90,650. A clear break above $92,000 could pave the way for a test of $92,500, with further targets at $93,200, $94,000, and $94,500.
Conversely, if Bitcoin fails to clear the $90,500 resistance, another decline is possible. Initial support sits near $88,550, with major support at $88,000 and then $87,500. A drop below that could lead to a test of $86,500, with the main support zone around $85,000.
Technical Indicators:
Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: Now above the 50 level.
Major Support Levels: $88,550, followed by $88,000.
Major Resistance Levels: $90,000 and $90,500.
Frequently Asked Questions
FAQ
Q1
A1
Q2
A2
Q3
A3
Q4
A4
Q5
A5
Q6
A6
Q7
A7
Q8
A8