Bitcoin price has started a recovery wave after testing the $85,000 support zone. The leading cryptocurrency currently trades above $87,500 but remains below the crucial $90,000 resistance level. The BTC/USD pair (data feed from Kraken) is forming a short-term contracting triangle with key resistance at $89,650 on the hourly chart.
A breakout above this level could push Bitcoin towards the $92,000 resistance, which remains a major hurdle. Failure to clear this level could lead to another bearish wave toward lower support zones.
Bitcoin’s Recent Price Movement
Bitcoin faced fresh selling pressure below the $90,000 mark, dropping as low as $84,665 before bouncing back. The recovery saw BTC move past $86,000 and $87,000, attempting to reclaim lost ground. The price is now facing the 50% Fibonacci retracement level of the downward move from the $92,741 swing high to the $84,665 low.
BTC is trading below its 100-hourly simple moving average, indicating that the recovery might face challenges.
Key Resistance and Support Levels
- Immediate Resistance: $88,700
- Key Resistance Levels: $90,000, $92,000
- Next Major Resistance: $93,500, followed by $95,000-$96,200 if BTC breaks above $92K
- Immediate Support: $87,000
- Major Support Levels: $86,200, $85,000
- Next Support: $82,000, with main support at $80,000
A break above $92,000 could trigger a bullish surge toward $95,000, while a rejection might push BTC back to $85,000 or lower.
Technical Indicators Suggest Uncertainty
- Hourly MACD: Losing momentum in the bullish zone
- Hourly RSI: Below 50, indicating weak buying pressure
What’s Next for Bitcoin?
Bitcoin’s next move depends on whether it can break the $92,000 resistance. A strong breakout could set the stage for a rally, while failure to do so might result in another drop toward $85,000 or lower.
Disclaimer: The information provided is for educational and informational purposes only and should not be considered financial advice. Always conduct your own research before making any investment decisions.
