Bitcoin Price Recovery Gains Momentum as $90K Target Approaches

Bitcoin has initiated a recovery phase, climbing above $88,000, and is now consolidating with an eye on breaking through the $90,000 mark.

Key Takeaways

Bitcoin is showing signs of recovery, moving towards $89,000.
The current trading level is above $87,000 and the 100 hourly simple moving average.
A bearish trend line presents resistance at $88,200 on the BTC/USD hourly chart.
A decisive move above the $90,000 zone could propel Bitcoin's price further upward.

Bitcoin Price Struggles Again

Bitcoin Price Targets Upward Momentum

Bitcoin has successfully remained above the $83,500 mark, establishing a foundation before embarking on a recovery phase past the $85,500 resistance level. The price surged beyond the $86,000 barrier as bullish momentum propelled Bitcoin above the 50% Fibonacci retracement level, which originates from a previous high of $92,872 down to a low of $80,595. However, the bears are currently holding back any advancements towards the $90,000 target.

In addition, there is a bearish trend line forming with resistance at $88,200 on the hourly BTC/USD chart. Bitcoin is trading above the $87,000 mark and is above the 100 hourly simple moving average. If the bulls regroup for another upward effort, they might encounter resistance close to the $88,200 level. The primary resistance area is around $89,000, while the next potential resistance could be at $90,000 or the 76.4% Fibonacci retracement level of the prior descent from $92,872 to $80,595.

Bitcoin Price
Source: BTCUSD on TradingView.com

A successful close above the $90,000 resistance level may lead the price to new heights. In this scenario, Bitcoin may challenge the $91,750 resistance. Further gains could target the $92,500 level, followed by additional potential resistance at $93,500 and $94,000.

Risks of a Price Decline

Should Bitcoin struggle to break through the $90,000 resistance zone, it might enter another downward trend. Immediate support can be found near the $86,700 level, with the first significant support at around $86,200. Following that, the next support level is nearby at $85,000. Continued declines could lead the price towards the $83,500 support. The primary support level is at $82,000, below which Bitcoin could see a sharper decline in the near term.

Technical Indicators

Hourly MACD: The MACD is gaining momentum within the bullish range.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD stands above the 50 mark.
Major Support Levels: $86,200 followed by $85,000.
Major Resistance Levels: $89,000 and $90,000.