Bitcoin Price Backs Off Resistance — Breakdown Or Brief Pause?
Bitcoin price started a recovery wave above $89,500 but failed above $90,000. BTC is declining and might dip further if it breaks $88,000. In the stated case, the price could rise and test the $90,250 resistance. Any more gains might send the price toward the $91,200 level. The next barrier for the bulls could be $92,000 and $92,500. If Bitcoin fails to rise above the $89,150 resistance zone, it could start another decline. Immediate support is near the $88,200 level. The first major support is near the $88,000 level. The next support is now near the $87,200 zone. Any more losses might send the price toward the $87,000 support in the near term. The main support sits at $86,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $88,200, followed by $87,000. Major Resistance Levels – $89,150 and $89,800.Another Rejection In BTC?
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