Bitcoin Price Recovery Efforts Underway, Challenges Remain

Bitcoin's price has recently experienced a decline, dropping below $92,000. However, BTC is beginning to recover from a low of $89,220 and may encounter resistance before achieving significant gains near the $92,000 mark.

Key Takeaways:

Bitcoin has initiated a recovery wave above $90,000 and $90,500.
The price is currently above $91,000 and surpassing the 100 hourly Simple Moving Average.
A break occurred above a bearish trend line at $90,750 on the BTC/USD hourly chart (data feed from Kraken).
The price could continue to rise as long as it stays above the $90,000 level.

Bitcoin Price Recovery Efforts Underway

Bitcoin's Price Recovery Efforts

Bitcoin's price had trouble Holding above $91,500 and began a downward correction. The value dropped under $92,000 and $91,200, putting it in a short-term bearish phase. It even fell below $90,500, testing the $90,000 mark and forming a low at $89,225. Currently, Bitcoin is on the upswing again, having pushed above $90,500.

The price has risen over the 23.6% Fibonacci retracement level, calculated from the recent decline that began from a peak of $93,770 down to $89,225. Moreover, a break above the bearish trend line at $90,750 was confirmed on the BTC/USD hourly chart. Bitcoin's current standing is above $91,000 and the 100 hourly Simple Moving Average (SMA).

If Bitcoin can maintain its position over $90,500, it might seek a further increase. The next immediate resistance point is around $92,000, coinciding with the 50% Fibonacci retracement level from the decline ranging from $93,770 to $89,225. Key resistance is anticipated near the $92,650 level.

Bitcoin Price Analysis
Source: BTCUSD on TradingView.com

The ensuing resistance could be at $93,500. A close above this level may propel prices even higher, potentially leading Bitcoin to test the $94,000 resistance level. Should the gains continue, Bitcoin might approach the $94,500 mark, with bulls aiming for resistance levels at $95,000 and $95,500.

Potential for a Decline in BTC

Conversely, if Bitcoin cannot surpass the $92,500 resistance zone, it might initiate another drop. Immediate support can be found near the $91,250 level, with the first major support level set at $90,500. Following that, additional support emerges around the $90,000 zone. If losses continue, the price could head towards the $89,250 support in the short term. The key support level to watch is at $88,000; if breached, BTC might decline further.

Technical Indicators:

Hourly MACD: The MACD is showing a bullish momentum.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the 50-mark.
Major Support Levels: $91,250 followed by $90,500.
Major Resistance Levels: $92,500 and $93,500.