Bitcoin Recovery Stalls Below Key Resistance Levels
- Bitcoin price began a recovery wave, climbing above $88,000.
- BTC is currently trading above $86,000 and the 100 hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $89,000 on the BTC/USD hourly chart.
- Key resistance levels are near $89,000 and $90,000, with major support at $86,000.
- A move below the $86,000 zone could lead to further declines toward $83,500 or lower.
Bitcoin’s recovery wave has encountered significant resistance near the $89,000 level as it struggles to maintain momentum above key thresholds. The current trading position above the critical support of $86,000 indicates a potential for further movement but faces hurdles that could impede upward progress.
If Bitcoin fails to break through the resistance at $89,000 and $90,000, it may experience another decline towards lower support levels like $83,500 or even further down to around $80,000. ( Source)
