Bitcoin Price Stability Sparks Recovery Hopes, But Hurdles Loom
Bitcoin price started a consolidation phase below $90,500. BTC is consolidating losses and might attempt a recovery wave if it clears $91,500. A close above the $91,500 resistance might send the price further higher. In the stated case, the price could rise and test the $92,300 resistance. Any more gains might send the price toward the $93,000 level. The next barrier for the bulls could be $95,000 and $95,500. If Bitcoin fails to rise above the $91,500 resistance zone, it could start another decline. Immediate support is near the $89,000 level. The first major support is near the $88,200 level. The next support is now near the $87,500 zone. Any more losses might send the price toward the $86,500 support in the near term. The main support sits at $85,500, below which BTC might accelerate lower 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 above the 50 level. Major Support Levels – $89,000, followed by $88,200. Major Resistance Levels – $90,300 and $91,500.Another Drop In BTC?
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