
Jakarta, Pintu News – Bitcoin recently dropped below the $90,000 support zone and is now looking to recover. Upside efforts still face resistance in the $90,500 area, making this phase crucial to assess whether the momentum can regain strength or continue to weaken.
Bitcoin failed to maintain strength above $92,000 and $92,500, which triggered a further correction. The price briefly broke below $90,500 and dropped to below $88,000 before buying interest emerged around $87,500. This area formed a new low at $87,582, from which the price bounced.
The initial recovery took the price beyond the 23.6% Fibonacci retracement level of the $93,561 to $87,582 drop. Nevertheless, BTC is still trading below $90,000 and the 100-hour Simple Moving Average (SMA). The sustainability of the recovery will largely depend on the consistency of buyers’ support in this area.
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The nearest resistance is around $90,000, with the next key resistance at $90,500. There is also a bearish trend line on the hourly chart of the BTC/USD pair that could potentially limit the upside around $90,650. If this area is broken, the next target is at $92,000.
A break above $92,000 could open up space towards $92,500 and then $93,200. If the momentum continues, the $94,000 to $94,500 area could potentially be the next target, which would strengthen the short-term bullish scenario.
On the contrary, failure to break the $90,500 resistance could trigger fresh selling pressure. The immediate support is around $88,550, followed by $88,000 as the first major support. The $87.500 area remains crucial as a barrier to further declines.
If selling pressure increases, prices could potentially test $86,500 in the near term. Major support is at $85,000; a break below this level could accelerate weakness and increase the risk of further declines.
The hourly Moving Average Convergence Divergence (MACD) indicator showed increasing momentum in bullish territory. Meanwhile, the hourly Relative Strength Index (RSI) is above the 50 level, indicating relative strength that could support a short-term recovery.
The technical analysis presented by Aayush Jindal-an analyst with more than 15 years of experience in financial markets, especially Forex and crypto-emphasizes the importance of the $90,500 resistance level as the next direction determinant. Evaluation of the current indicators and price structure demands caution until a clearer confirmation of the direction appears.
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Bitcoin (BTC) was the first cryptocurrency introduced in 2009 and operates on a decentralized blockchain network.
The decline came after the failure to defend the $92,000-$92,500 level which triggered a price correction.
Key resistances are at $90,000 and $90,500, with further resistance at $92,000.
Failure could trigger a drop towards $88,000-$87,500 support and potentially lower.
The firming hourly MACD and RSI above 50 signal short-term support.