Bitcoin Price Recovery Faces Resistance at Key Levels
- Bitcoin price started a downside extension below $92,000, reaching as low as $89,225 before attempting recovery.
- BTC is trading above $91,000 and the hourly Simple Moving Average of $90,500.
- A break above the bearish trend line with resistance at $90,750 was observed on the BTC/USD pair.
- Immediate resistance is near the $92,000 level and further at $92,650 and $93,500.
- Major support levels are identified at $91,250 and $90,500.
Bitcoin’s recent price movement shows an attempt to recover from a low of $89,225 with current trading above key support levels like the hourly SMA of $90,500. However, it faces significant resistance near the $92,000 mark which could hinder further upward movement.
The ability of Bitcoin to maintain its position above these support levels while challenging resistances such as those at $92,650 and beyond will be crucial for any sustained recovery in its price trajectory. (Source)
