Bitcoin Price Erases Recent Gains, Raising Fresh Downside Risks
Bitcoin price failed to clear $90,000 and trimmed all gains. BTC is now consolidating losses and might struggle to stay above $86,500. 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 $90,500 and $91,200. If Bitcoin fails to rise above the $88,500 resistance zone, it could start another decline. Immediate support is near the $86,500 level. The first major support is near the $86,000 level. The next support is now near the $85,500 zone. Any more losses might send the price toward the $85,000 support in the near term. The main support sits at $83,500, below which BTC might accelerate lower 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 – $87,500, followed by $88,000. Major Resistance Levels – $86,500 and $86,000.Another Decline In BTC?
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