Bitcoin price started another decline below $90,000. BTC is now showing bearish signs and might struggle to recover above $88,5000.
The bears gained strength and were able to push the price below the $87,500 zone. A low was formed at $85,276, and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $92,872 swing high to the $85,276 low.
If the bulls attempt another recovery wave, the price could face resistance near the $87,000 level. The first key resistance is near the $89,000 level and the 50% Fib retracement level of the recent decline from the $92,872 swing high to the $85,276 low.
The next resistance could be $91,000 and the trend line. A close above the $91,000 resistance might send the price further higher. In the stated case, the price could rise and test the $92,500 resistance. Any more gains might send the price toward the $93,200 level. The next barrier for the bulls could be $94,500 and $95,000.
If Bitcoin fails to rise above the $90,000 resistance zone, it could start another decline. Immediate support is near the $85,500 level. The first major support is near the $85,000 level.
The next support is now near the $83,200 zone. Any more losses might send the price toward the $82,500 support in the near term. The main support sits at $80,000, below which BTC might accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $85,500, followed by $85,000.
Major Resistance Levels – $87,000 and $89,000.
