Bitcoin’s recent price movements
Bitcoin has been having a rough few days, honestly. The price dropped below $89,500, which was a bit surprising to some traders. It actually went down to $87,200 at one point, which is a new weekly low. That’s not where anyone expected it to be, I think.
Right now, Bitcoin is trading below $90,500 and also below the 100-hour simple moving average. That’s not great, but maybe it’s just a temporary thing. The price is trying to consolidate around these levels, which could mean it’s finding some support.
Key resistance levels to watch
If Bitcoin wants to recover, it needs to clear some important hurdles. The immediate resistance is around $90,500. But there are actually two bearish trend lines forming on the hourly chart – one at $90,300 and another at $93,000.
The first real test is at $91,000. If it can get past that, then $91,350 becomes important. That’s actually the 50% Fibonacci retracement level from the recent drop from $95,475 to $87,200. A close above $91,350 could signal a more substantial recovery.
If that happens, the price might try to reach $93,000. Beyond that, $94,000 and then $95,000 to $95,500 become possible targets. But that’s getting ahead of ourselves, honestly.
Support levels holding for now
The good news is that Bitcoin seems to be defending the $88,000 support level. That’s important because if it breaks below that, things could get worse. The next support is at $87,200, which is where the recent low was formed.
Below that, there’s $86,500 and then $85,500. If Bitcoin falls below $85,500, the decline might accelerate. That’s something traders are watching closely.
Technical indicators show mixed signals
The hourly MACD is losing momentum in the bearish zone, which could mean the selling pressure is easing. The RSI is above 50, which is somewhat positive. But these indicators can change quickly, so I wouldn’t put too much weight on them alone.
What’s interesting is that Bitcoin managed to recover above $89,200 and the 23.6% Fibonacci retracement level. That suggests there’s some buying interest at these lower prices.
I’m noticing that traders seem uncertain about the next move. Some are waiting to see if Bitcoin can break above $91,350, while others are preparing for another decline if it fails. The market feels a bit indecisive right now.
Maybe the consolidation we’re seeing is just Bitcoin catching its breath after that sharp drop. Or perhaps it’s building a base for the next move. It’s hard to say for sure.
One thing I’ve learned watching Bitcoin over the years – it often surprises people. Just when everyone expects it to go one way, it goes another. So while the technical levels are important, they’re not everything.
The $91,350 resistance level seems to be the key right now. If Bitcoin can clear that, the mood might shift. If it fails, we could see another test of the support levels. Either way, it’s probably going to be an interesting few days ahead.
