Bitcoin is currently grappling with a critical juncture in its price trajectory, as it attempts to solidify gains above the crucial $90,000 mark. After a recent dip, the cryptocurrency shows signs of recovery, but faces significant resistance that could dictate its short-term direction. The market is buzzing with speculation: can Bitcoin overcome the "growing heat" and reclaim bullish momentum, or is another decline on the horizon?
Bitcoin Mounts a Comeback, Eyes Key Resistance
Following a correction from the $92,500 zone, Bitcoin's price dipped below the $90,000 support, even briefly touching a low near $87,582. However, bulls have shown resilience, pushing the price back up. This rebound saw Bitcoin break above the 23.6% Fib retracement level of its recent downward move. The immediate challenge for BTC now lies in clearing the $90,000 level and, more critically, the $90,500 resistance zone. Technical indicators like the hourly MACD are showing bullish momentum, and the Relative Strength Index (RSI) is holding above the 50 level, suggesting a potential for further upside if these resistances are decisively breached.
The Looming Threat of Further Decline
Despite the recent recovery efforts, Bitcoin remains below the $90,000 threshold and the 100-hourly Simple Moving Average, indicating that the path ahead is not without obstacles. A bearish trend line is also forming around $90,650 on the hourly chart, adding to the resistance. Should Bitcoin fail to sustain its upward momentum and fall back below the $90,000 - $90,500 resistance zone, it could trigger another round of declines. Key support levels to watch are $88,550, followed by $88,000, and then $87,500. A definitive break below these could accelerate losses, potentially driving the price towards the $86,500 and even $85,000 main support levels, signaling a stronger bearish trend.
