Bitcoin Price Recovery Stalls, Bears Poised for Action

Recently, Bitcoin initiated a recovery trend above $90,000. However, it is currently struggling to surpass the $92,000 mark and may be on the verge of declining below $90,000.

Key Takeaways

Bitcoin experienced a recovery wave, rising towards $92,000.
The cryptocurrency is trading above $90,000 and the 100-hour Simple Moving Average.
A break occurred below a short-term bullish trend line with support at $90,800, as seen in the hourly chart of the BTC/USD pair (data feed from Kraken).
If the price settles below the $90,000 area, it may continue to drop.

Bitcoin Price Under Pressure

Bitcoin Resistance Levels

Bitcoin has managed to hold above the $88,500 level and has built a base, beginning a recovery wave above the $90,000 resistance zone. The price climbed above $91,000, reaching a peak of $91,878 before correcting some of its gains. A break below the short-term bullish trend line, with support at $90,800, was observed on the hourly chart for the BTC/USD pair.

Currently, Bitcoin is nearing the 23.6% Fibonacci retracement level from the upward move between the $86,299 swing low and the $91,878 high. Trading above $90,000 and the 100-hour Simple Moving Average, Bitcoin may see further upward attempts if bullish momentum persists.

Bitcoin Price
Source: BTCUSD on TradingView.com

Immediate resistance is near $91,200, with significant resistance at $92,000. Should Bitcoin close above $92,500, it might continue its climb towards the $93,750 resistance. Additional gains could propel the price towards $94,500, with future resistance levels at $95,000 and $95,500.

Potential Declines for BTC?

If Bitcoin cannot break above the $92,000 resistance level, it might initiate another downward trend. The immediate support level is around $90,500. Significant support is found at $89,080, corresponding to the 50% Fibonacci retracement level from the rise between the $86,299 swing low and the $91,878 high.

Further support lies around the $88,450 zone, and additional losses could push Bitcoin towards $87,500 in the short term. The core support level is at $86,300; if prices fall below this point, a more significant decline may occur.

Technical Indicators

Hourly MACD: Currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now below the 50 mark.
Major Support Levels: $89,080, followed by $88,450.
Major Resistance Levels: $91,200 and $92,000.

As Bitcoin navigates through these levels, traders should remain cautious, keeping a close watch on the indicators and support zones.