Bitcoin faces rejection at key resistance
Bitcoin’s recent recovery attempt hit a wall around the $90,000 mark. The cryptocurrency managed to climb from support near $88,000, pushing past $89,500 and even briefly touching above $90,000. But that momentum didn’t hold.
Now BTC is trading back around $88,200, which honestly feels like a familiar pattern we’ve seen before. The price action suggests buyers just couldn’t maintain pressure above that psychological $90,000 level. I think traders were watching that area closely, and the rejection tells us something about current market sentiment.
Technical patterns and support levels
Looking at the charts, there’s a rising channel forming with support around $88,100 on the hourly timeframe. That’s interesting because it gives us a clear line to watch. If Bitcoin stays above $88,000, maybe we see another attempt higher. But if it breaks below… well, things could get messy.
The immediate resistance sits near $89,150, with a more significant barrier at $89,800. Those are the levels bulls need to reclaim to regain control. On the flip side, support at $88,200 looks important, followed by $87,200 and then $87,000. The $86,000 area represents a major support zone that, if broken, could signal deeper trouble.
Market indicators show bearish momentum
Technical indicators aren’t painting a particularly optimistic picture right now. The hourly MACD is gaining momentum in bearish territory, which suggests selling pressure might be increasing. The RSI has dropped below 50, indicating weakening momentum on the buying side.
These signals make me cautious about expecting an immediate rebound. Sometimes indicators can be misleading, of course, but when multiple align like this, it’s worth paying attention.
What comes next for Bitcoin
The next move likely depends on whether Bitcoin can hold above $88,000. If it does, we might see another push toward $89,800 and potentially $90,250. But if that $89,150 resistance continues to hold firm, another decline seems probable.
I’m watching the $88,000 level closely. A break below could trigger moves toward $87,200 or even $87,000. The $86,000 support represents a critical area where, historically, Bitcoin has either found footing or experienced more significant declines.
Markets have a way of surprising everyone, though. Just when things look certain, they often shift direction. For now, the rejection at $90,000 tells us something about where resistance lies, and the coming sessions will reveal whether this is just a pause or the start of something more significant.
