Bitcoin Price Recovery Attempts Rise, But Upside Remains Challenged
Bitcoin price started a recovery wave from $86,000. BTC is slowly moving higher and might rise further if it clears $89,500. The first key resistance is near the $89,150 level since it is close to the 61.8% Fib retracement level of the downward move from the $91,099 swing high to the $86,007 low. A close above the $89,150 resistance might send the price further higher. In the stated case, the price could rise and test the $89,500 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 $88,800 resistance zone, it could start another decline. Immediate support is near the $88,000 level. The first major support is near the $87,200 level. The next support is now near the $86,700 zone. Any more losses might send the price toward the $86,200 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 bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $88,000, followed by $87,200. Major Resistance Levels – $88,800 and $89,500.Another Decline In BTC?
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