Bitcoin Price Breakdown Risk Grows As Bears Aim For $85K
Bitcoin price extended losses and traded below $88,500. BTC is consolidating losses and might attempt a recovery wave if it clears $88,500. A close above the $88,500 resistance might send the price further higher. In the stated case, the price could rise and test the $89,200 resistance. Any more gains might send the price toward the $90,000 level. The next barrier for the bulls could be $91,000 and $91,500. If Bitcoin fails to rise above the $88,500 resistance zone, it could start another decline. Immediate support is near the $86,700 level. The first major support is near the $86,200 level. The next support is now near the $85,500 zone. Any more losses might send the price toward the $83,500 support in the near term. The main support sits at $82,500, below which BTC struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $86,700, followed by $86,000. Major Resistance Levels – $88,500 and $89,200.More Losses In BTC?
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