Bitcoin Navigates Post-Pullback Support, Eyes Recovery Amidst Key Resistance Bitcoin's price recently experienced a notable downturn, slipping below the $92,500 mark and even breaching the $91,200 support zone. This correction saw BTC test lows around $90,000, eventually finding a bottom near $89,225 before mounting a fresh recovery attempt. The cryptocurrency is now wrestling with significant resistance levels as bulls strive to regain control and push for a sustained upward trend.
Bitcoin's Volatile Ride and Path to Recovery
Following its inability to hold above $93,500, Bitcoin entered a short-term bearish phase, sliding beneath $93,000 and $92,000. The descent saw a brief dip below $91,200, with price action testing the $90,000 psychological barrier, ultimately bottoming out at $89,225. A rebound has since propelled Bitcoin back above $90,500, initiating a struggle against a formidable bearish trend line with resistance at $92,000 on the hourly chart. This critical juncture also aligns with the 61.8% Fibonacci retracement level of the recent decline from $93,770 to $89,225.
Critical Levels Define Bitcoin's Next Move
For Bitcoin to build on its recovery, it must decisively overcome the immediate resistance clustered around the $91,500 and $92,000 levels. A successful breach of this zone, which includes the aforementioned bearish trend line and the 61.8% Fib retracement, could pave the way for further gains towards $92,800, $93,200, and potentially $93,500. Beyond these, targets of $94,000 and $94,500 loom. Conversely, a failure to break above $92,000 could signal another downward correction. Key support levels for BTC now sit at $90,650 and $90,300, with a more significant barrier at $89,250. Should the price fall below this crucial support, an accelerated decline towards $88,500 and even $87,250 could be on the horizon. From a technical perspective, the hourly MACD is showing signs of gaining bullish momentum, while the Relative Strength Index (RSI) for BTC/USD is positioned above the 50 level, indicating a neutral to slightly bullish sentiment in the short term.
