Bitcoin Price Recovery Faces Key Resistance Levels
- Bitcoin started a recovery wave above the $88,000 level.
- The price is trading above $88,500 and the 100 hourly simple moving average.
- Resistance is forming near $89,600 on the hourly chart of the BTC/USD pair.
- Key resistance levels are at $89,600 and $90,000, with further barriers at $90,500 and beyond.
- Immediate support is near the $88,800 level, with major support at $88,500.
The Bitcoin price has shown a minor recovery after stabilizing above the $87,000 support level. It now faces significant resistance at the $89,600 mark and requires a close above this to continue its upward trend toward the next key resistance of $90,000.
If BTC manages to surpass these levels successfully, it could test higher resistance points like $90,500 and potentially reach up to $92,500 in subsequent moves (Source).
