Bitcoin Price Recovery Runs Out of Steam, Leaving Bears Ready to Strike

Bitcoin price started a recovery wave above $90,000. BTC is now struggling to clear $92,000 and might start another decline below $90,000.

• Bitcoin started a recovery wave and climbed toward $92,000.
• The price is trading above $90,000 and the 100 hourly Simple moving average.
• There was a break below a short-term bullish trend line with support at $90,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move down if it settles below the $90,000 zone.

Bitcoin Price Faces Resistance

Bitcoin price managed to stay above the $88,500 level. BTC formed a base and recently started a recovery wave above the $90,000 resistance zone.

The pair climbed above the $91,000 level. A high was formed at $91,878 and the price is now correcting some gains. There was a break below a short-term bullish trend line with support at $90,800 on the hourly chart of the BTC/USD pair.

The pair is now approaching the 23.6% Fib retracement level of the upward move from the $86,299 swing low to the $91,878 high. Bitcoin is now trading above $90,000 and the 100 hourly Simple moving average. If the bulls remain in action, the price could attempt another increase.

Immediate resistance is near the $91,200 level. The first key resistance is near the $92,000 level. The next resistance could be $92,500. A close above the $92,500 resistance might send the price further higher. In the stated case, the price could rise and test the $93,750 resistance. Any more gains might send the price toward the $94,500 level. The next barrier for the bulls could be $95,000 and $95,500.

More Losses In BTC?

If Bitcoin fails to rise above the $92,000 resistance zone, it could start another decline. Immediate support is near the $90,500 level. The first major support is near the $89,080 level or the 50% Fib retracement level of the upward move from the $86,299 swing low to the $91,878 high.

The next support is now near the $88,450 zone. Any more losses might send the price toward the $87,500 support in the near term. The main support sits at $86,300, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $89,080, followed by $88,450.

Major Resistance Levels – $91,200 and $92,000.

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