Bitcoin Price Recovery Faces Crucial Test at Major Resistance Zone
Bitcoin price attempted to start a fresh increase but failed at $89,250. BTC is now consolidating below $89,000 and might react to the downside. If the bulls remain in action, the price could attempt more gains. Immediate resistance is near the $89,000 level. The first key resistance is near the $89,250 level. 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 $90,500 resistance. Any more gains might send the price toward the $92,000 level. The next barrier for the bulls could be $92,650 and $93,200. If Bitcoin fails to rise above the $89,000 resistance zone, it could start another decline. Immediate support is near the $87,500 level. The first major support is near the $87,000 level. The next support is now near the $86,800 zone and the 50% Fib retracement level of the upward move from the $84,421 swing low to the $89,238 high. Any more losses might send the price toward the $85,500 support in the near term. The main support sits at $84,400, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now losing 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 $86,800. Major Resistance Levels – $89,000 and $89,500.Another Decline In BTC?
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