Bitcoin price failed to continue rising and fell below $88,500. BTC is currently declining and may struggle to stay above $86,800.
- Bitcoin began a new downtrend in the $90,500 range.
- The price is trading below $88,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trendline forming at resistance $87,650.
- The pair could continue to decline if it trades below the $86,800 area.
Bitcoin price corrects profits
Bitcoin price failed to remain in positive territory and began a new downtrend below $90,000. BTC fell below $89,500 and $88,500, moving into bearish territory.
The bears were able to push the price below the 50% Fib retracement level, rising from the $84,420 swing low to the $90,552 high. Moreover, on the hourly chart of the BTC/USD pair, there is a bearish trendline with resistance forming at $87,650.
Bitcoin is currently trading below $88,000 and the 100-hour simple moving average. If the price remains stable above $87,000, a new recovery could be attempted. Immediate resistance is near the $87,650 level and trend line.
The first major resistance is near the $88,500 level. The next resistance level could be $89,100. A break above the $89,100 resistance could push the price higher. If indicated, the price could move higher and test the $90,000 resistance. More profits could push the price higher to the $90,500 level. The next barriers on the upside could be $91,500 and $92,000.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $88,500 resistance zone, another decline could begin. Immediate support is near the $87,000 level. The first major support is near the $86,750 level and the 61.8% Fib retracement level of the rise from the $84,420 swing low to the $90,552 high.
The next support level is now near $86,000. More losses may push the price towards the $85,450 support in the near term. The main support level is $84,500, a drop below which could cause BTC to decline in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $86,750, $86,000.
Key resistance levels – $87,650 and $88,500.