Bitcoin Price Holds Steady After Drop—Is a Rebound Coming?
Bitcoin’s price starts below the $90,000 area. BTC returns $88,500 and it may be difficult to regain bullish momentum.
- Bitcoin started a new decline in the area below $92,000.
- Prices trade below $90,000 and the 100-hour simple moving average.
- In the hourly chart of the BTC/USD pair, there is a connected bearish trend line with a resistance of $91,000 (from Kraken’s feed).
- If the area above $85,000 is not maintained, the couple may drop again.
Bitcoin price faces resistance
Bitcoin price from $95,000 resistance level. BTC trades below the $92,000 and $90,000 support levels. Prices over 10%, trading below $88,000 in support zone.
The 50% FIB retracement level of upward waves is from a swing of $84,500 to a 50% FIB retracement level below the height of $95,000. Finally, the price tested the $82,000 support zone. A foundation has been established and the price is now recovering some of the losses above $83,500.
Bitcoin price is now trading below $90,000, 100-hour simple moving average. On the plus side, immediate resistance is close to the $88,750 level. The first key resistance is close to the $90,000 level.
The next key resistance could be $91,500. On the hourly chart of the BTC/USD pair, there is also a connected bearish trend line with a resistance of $91,000. Turning off resistors above $91,500 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $93,000. More gains could shift the price to the $94,200 level, or even $95,000.
Another decline in BTC?
If Bitcoin fails to exceed the $90,000 resistance zone, it may start a new decline. Immediately support near the $85,000 level on the negative side. The first major supports near $83,200 levels.
Now, the next support is located at the $82,250 region and upward wave 76.4% FIB retracement level, from a swing of $84,500 as low as $95,000 high. In the short term, more losses may send the price to $80,000 in support. The main support is $78,800.
Technical indicators:
Hourly MACD – MACD is now losing pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $85,000, followed by $82,250.
Major resistance levels – $90,000 and $91,500.
