Key Points to Note
Bitcoin (BTC) has experienced a slight decline of under 1%, reflecting ongoing market volatility.
The dominant digital currency might test the $87,000 support level again before potentially moving upward.
Bitcoin’s Price Movement Shows Volatility
The cryptocurrency sector is still struggling, with Bitcoin and other top coins showing losses. Over the past day, Bitcoin’s value dropped by approximately 0.7%, currently trading near $89,150.
Following a recent sell-off, the wider crypto market is trying to regain stability. The week began negatively for Bitcoin as it fell below critical support points such as the 50-day Exponential Moving Average (EMA), which stands at $91,942.
Bulls tried to hold onto the psychological threshold of $90,000 but were unsuccessful. Consequently, Bitcoin revisited the midpoint of a horizontal channel around $87,787 before starting a recovery phase. As of Friday’s update, BTC trades close to $89,175.
Is an Upswing Above $91K Imminent?
If this rebound continues its momentum, Bitcoin could push toward its first significant resistance level at the 50-day EMA near $91,942.
The Relative Strength Index (RSI) on a four-hour chart reads 39 and is trending upwards towards the neutral mark of 50—signaling that bearish pressure may be weakening. For bullish strength to persist sustainably though, RSI needs to surpass this neutral point.
Nevertheless, Tuesday saw a bearish crossover in the Moving Average Convergence Divergence (MACD) indicator hinting at some downward pressure remaining in play.
If recovery attempts falter and daily closing prices fall beneath support at about $87,787 then further declines toward lower consolidation levels near $85,569 could follow.
The current environment remains unsettled without clear directional cues; much of earlier monthly gains have been wiped out amid geopolitical trade tensions between America and Europe concerning Greenland issues.
Although these conflicts appear resolved now,the impact on Bitcoin’s price action has yet to show meaningful improvement so far.
Key Points to Note
Bitcoin (BTC) has experienced a slight decline of under 1%, reflecting ongoing market volatility.
The dominant digital currency might test the $87,000 support level again before potentially moving upward.
Bitcoin’s Price Movement Shows Volatility
The cryptocurrency sector is still struggling, with Bitcoin and other top coins showing losses. Over the past day, Bitcoin’s value dropped by approximately 0.7%, currently trading near $&;89&comma150.
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