Bitcoin Falls Under $87,000 as Bears Aim to Breach $84,000 Support
Weekly Bitcoin Price Forecast
The past week was rough for Bitcoin. After hitting resistance near $98,000 the previous week, the price sharply declined and closed close to its weekly low at approximately $86,588. The bullish momentum has been contained for now, requiring significant effort to regain upward traction. Meanwhile, bearish traders are pushing hard this week with hopes of breaking below the critical $84,000 support level decisively and driving prices down toward the mid-$70,000 range. For bulls to prevent a further collapse this week, defending that $84,000 mark is crucial.
Current Key Support and Resistance Zones
Bears have regained control after losing the $87,000 support line recently. The next major test is whether the price can hold above $84,000; if it fails here with one or two daily closes beneath that threshold, we could see accelerated declines targeting support between roughly $68,000 and $72,000. A rebound might occur in that zone but should it fail too then attention will shift toward a significant Fibonacci retracement level near $58,000.
The bulls have lost ground after previously overcoming multiple resistance points but must first reclaim control above $88,000 before aiming higher at around 91,400 and then retesting resistance near 94,000 once again. The strong barrier at about 98,000 remains formidable — if surpassed (which seems unlikely), gradual gains up to roughly 103,500 could follow.
This Week’s Market Outlook
This upcoming period represents a pivotal moment for buyers: failure to maintain support above 84 thousand dollars may result in new lows being established soon thereafter. Several major corporations are scheduled to release earnings reports this week which might provide some positive catalysts supporting Bitcoin’s price stability—though recent weak correlations between crypto assets and equities mean no guarantees exist regarding spillover benefits from stock market rallies. Overall odds favor bears maintaining downward pressure throughout this timeframe.
Market sentiment currently leans bearish — despite some bullish attempts last week giving temporary hope — sellers ultimately dominated by pushing prices back down towards their lowest levels seen recently.
Looking Ahead Over Coming Weeks
The weekly chart had hinted at potential recovery but recent action suggests that bounce may be fading as closing prices slipped below the long-term 100-week simple moving average (SMA). Momentum indicators like MACD remain solidly negative without completing any bullish crossover last session due largely to bear strength preventing such shifts from materializing again so far this year-end period while RSI also dropped back under its short-term SMA indicating renewed selling pressure ahead.
A Brief Glossary of Terms Used:
- Bulls/Bullish: Investors anticipating rising asset prices who buy expecting gains;
- Bears/Bearish: Traders expecting declines who sell or short positions;
- Support Level: Price point where demand typically prevents further decline initially though repeated tests weaken it;
- Resistance Level: Opposite of support where supply tends to cap upward moves until broken through repeatedly;
- SMA (Simple Moving Average): An average calculated over closing prices during specified periods providing trend direction clues;
- Oscillators: Technical tools fluctuating within defined bands signaling overbought/oversold conditions e.g., RSI & MACD;
- RSI (Relative Strength Index): Measures momentum on scale zero-to-100 indicating when an asset is potentially overbought (>='>'>'<) or oversold (<='<') ;
- MACD (Moving Average Convergence Divergence): Tracks difference between two moving averages highlighting trend changes plus momentum shifts;
- Fibonacci Retracements/Extensions: Mathematical ratios derived from nature’s golden ratio used by traders for identifying potential reversal zones based on prior price swings.
This article titled “Bitcoin Falls Under $87,000 as Bears Aim To Breach $84,00 Support” originally appeared on Bitcoin Magazine authored by Ethan Greene – Feral Analysis alongside Juan Galt.