The price of Bitcoin initiated a rebound beyond $89,500 but couldn’t sustain momentum above the $90,000 mark. $BTC is currently on a downward trajectory and may experience further declines if it slips below $88,000.
Bitcoin was unable to hold its position above the $90,000 threshold and has since started to retreat again.
Currently trading just over $88,200 and maintaining above the 100-hour simple moving average (SMA), Bitcoin shows signs of a developing ascending channel with support near $88,100 on the hourly chart for the $BTC/USD pair (Kraken data).
If prices fall beneath both the $88,000 and $87,500 levels, further downside movement could be expected.
Bitcoin Encounters Resistance
The cryptocurrency held steady above its crucial support at around $88,000. After establishing this base level,$BTC began climbing past the key resistance near $88,500.
The upward move pushed prices beyond both the $89,000 and then past the critical Fibonacci retracement level of 76.4%, measured from a high of approximately $91,098 down to a low near$86,007. Bulls even managed to breach briefly over$90K; however,the rally lacked strength as they failed to maintain these gains in positive territory.
A renewed drop followed below$89K,but Bitcoin remains positioned slightly above$88.2K along with holding onto its 100-hour SMA support.The ongoing formation of an ascending channel—with floor around$88.1K—on hourly charts suggests potential for stabilization or bounce-back within this range for $BTC/USD.
If stability persists beyond$88K,sellers might face fresh challenges as buyers attempt another push upwards.Immediate hurdles appear close at about$89.15 while more significant resistance lies nearer to approximately$89.8K.A decisive close surpassing that point could pave way toward higher targets ahead.
Should bulls gain traction here,the next testing ground would likely be resistance around roughly$90, 250.Further advances might propel prices toward roughly $91, 200.The subsequent barriers lie at about $92, 000 and then near $92, 500.
A Potential Setback For $BTC
If Bitcoin fails once again to break through resistance located between approximately&nbs p;$89, 150,it risks initiating another downward leg.Support initially emerges close by at nearly&nbs p;$88, 200 with stronger backing found just below that zone around&nbs p;$88,u00A0 000.
The next line where buyers may step in is closer towards roughly & nbsp ;87 , u00A0 200 . Further losses could drag BTC down towards immediate supports hovering near & nbsp ;87 , u00A0 000 . The critical bottom lies around & nbsp ;86 , u00A0 000 , under which recovery attempts might become increasingly difficult during short-term trading sessions .
Technical Indicators :
Hourly MACD – Currently accelerating deeper into bearish momentum zone .
Hourly RSI (Relative Strength Index) – Presently positioned under midpoint level fifty indicating weakening buying pressure .
Key Support Levels – Identified at approx .$,88200,$,87000 respectively .
Key Resistance Levels – Marked near ~$,89150,$,89800 respectively .