Bitcoin’s price has been fluctuating, largely stuck below the $92,000 mark, following a recovery wave from the $85,000 zone. BTC has managed to climb back over the $87,500 mark but appears to be having difficulty breaking through the $92,000 resistance zone.
After a positive surge from the $85,000 zone, Bitcoin’s price now trades under $90,000 and the 100 hourly Simple Moving Average. An emerging short-term contracting triangle, with resistance at $89,650, can be seen on the hourly chart of the BTC/USD pair (data sourced from Kraken).
The BTC/USD pair could face a decline if it cannot push past the $92,000 resistance zone. Bitcoin’s price had previously dropped below the $90,000 mark, going under $88,000 and $87,000 support levels before hitting the $85,000 support zone.
A recovery wave began after hitting a low at $84,665. The price moved above the $86,000 and $87,000 resistance levels, with bulls driving the price towards the 50% Fib retracement level of the plunge from the $92,741 swing high to the $84,665 low.
The initial resistance is near the $88,700 level, with a significant resistance close to the $90,000 mark. The next key resistance could be at $92,000. If the price manages to close above this level, the price could surge further, testing the $93,500 resistance level, and potentially even reaching the $95,000 or $96,200 mark.
However, if Bitcoin fails to rise above the $90,000 resistance zone, it could trigger another decline. Immediate support on the downside is around the $87,000 mark, with the first major support close to the $86,200 level. The $85,000 zone represents the next support, with any further losses potentially driving the price towards the $82,000 support in the near term. The main support lies at $80,000.
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 below the 50 level.
Major Support Levels – $87,000, followed by $85,000.
Major Resistance Levels – $90,000 and $92,000.
