Bitcoin Price Resists Breakdown, Support Level Holds—for Now
Bitcoin price trimmed all gains and dived below $88,000. BTC is now recovering losses from the $86,700 support but faces many hurdles. The next resistance could be $89,500. A close above the $89,500 resistance might send the price further higher. In the stated case, the price could rise and test the $90,200 resistance. Any more gains might send the price toward the $90,500 level. The next barrier for the bulls could be $91,200 and $91,500. If Bitcoin fails to rise above the $89,000 resistance zone, it could start another decline. Immediate support is near the $87,850 level. The first major support is near the $87,500 level. The next support is now near the $86,700 zone. Any more losses might send the price toward the $85,500 support in the near term. The main support sits at $85,000, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $87,500, followed by $86,700. Major Resistance Levels – $88,500 and $89,000.Another Decline In BTC?
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