Bitcoin's recent ascent has met stiff resistance at the crucial $90,000 mark, triggering a notable price rejection that now sees the cryptocurrency consolidating. After failing to sustain momentum above key psychological barriers, BTC is grappling with bearish pressure, leaving investors to ponder whether crucial support levels will hold.
Bitcoin's Retreat from $90,000 Resistance
The world's leading cryptocurrency recently attempted a fresh surge, pushing past $88,000 and $88,500, only to be firmly rejected at the $90,000 resistance zone. This rejection initiated a sharp decline below $88,000, further exacerbated by a breach of a bullish trend line with support at $86,450 on the hourly chart. The price dipped as low as $85,282 before finding temporary footing and initiating a modest upside correction. Currently, Bitcoin is trading below the $87,000 threshold and its 100 hourly Simple Moving Average, indicating persistent bearish sentiment.
Critical Price Levels and Future Outlook
For Bitcoin to regain its upward trajectory, it must first overcome immediate resistance near $86,800, followed by the first key resistance at $87,350. A more significant challenge lies around the $87,800 level, which also aligns with the 50% Fib retracement of its recent downturn. Clearing this hurdle could pave the way for a retest of $88,000, and potentially higher targets at $89,200, $90,000, and even $90,500. Conversely, a failure to break above the $87,800 resistance could trigger a fresh wave of declines. Immediate support is found near $85,500, with major support at $85,250 and $85,000. Further losses could see Bitcoin test $84,200, with the main foundational support resting at $83,500. Technical indicators reinforce this cautious outlook, as the Hourly MACD is losing strength in the bearish zone, and the Hourly RSI remains below the 50 level.
