Bitcoin’s Recovery Attempt Stalls
Bitcoin tried to make a comeback above $89,500, but it just couldn’t hold above $90,000. I think that’s telling. The price climbed back up from that $88,000 support level, which seemed pretty solid for a while. It even managed to get past the 76.4% Fibonacci retracement level from the recent drop from $91,098 to $86,007.
But here’s the thing – getting above $90,000 and staying there are two different matters. The bulls gave it a shot, but the momentum just didn’t stick. Now we’re seeing BTC trading around $88,200, which is still above the 100-hour simple moving average. There’s this rising channel forming on the hourly chart with support at $88,100, so that’s something to watch.
Key Levels to Monitor
If Bitcoin can stay above $88,000, maybe it’ll try another push upward. The immediate resistance sits around $89,150, and then there’s that $89,800 level that seems important. A close above that could change things, perhaps pushing toward $90,250 and beyond.
But honestly, I’m not convinced yet. The technical indicators aren’t looking great. The hourly MACD is picking up speed in bearish territory, and the RSI has dropped below 50. Those aren’t exactly encouraging signs for the bulls.
Potential Downside Risks
If Bitcoin can’t get past $89,150, we might see another decline. The immediate support is at $88,200, then $88,000. Below that, there’s $87,200 and $87,000 waiting. The main support level that really matters is $86,000 – if that breaks, recovery could be tough in the short term.
It’s interesting how these levels keep repeating. $88,000 seems to be the battleground right now. The channel support at $88,100 might provide some temporary relief, but I’m not sure it’ll hold if selling pressure increases.
What strikes me is how quickly sentiment can shift. One moment there’s talk of recovery, the next we’re looking at potential breakdowns. The market feels a bit indecisive at these levels. Maybe it needs more time to decide which direction to take.
I keep thinking about that $90,000 resistance. It’s not just a psychological barrier – it’s become a technical one too. Each failed attempt makes it harder to break through next time. The bulls need something to change the narrative, but I’m not sure what that would be right now.
For now, it’s a waiting game. Watch $88,000 on the downside and $89,150 on the upside. Whichever breaks first might set the tone for the next move.
