Bitcoin (BTC) is in freefall, is there any hope of recovery?

Updated

January 23, 2026

Gambar Bitcoin (BTC) is in freefall, is there any hope of recovery?

Jakarta, Pintu News – Bitcoin has experienced a sharp drop below $89,500, sparking concern among investors. Will the cryptocurrency be able to recover and break back to the critical level above $92,000?

Current Bitcoin Market Conditions

Bitcoin (BTC) recently failed to maintain support at the $91,000 level and experienced a significant drop. This decline brought Bitcoin (BTC) below the critical support levels of $90,000 and $89,500, marking a new low of the week. Currently, Bitcoin (BTC) is trading below $90,500 and the 100-hour simple moving average, indicating heavy selling pressure in the market.

If Bitcoin (BTC) manages to stabilize above $88,000, there is a possibility of a comeback. However, the first challenge will be to break the immediate resistance at $90,500. In addition, there are two bearish trend lines forming with resistances at $90,300 and $93,000 on the hourly chart of the BTC/USD pair.

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Resistance and Recovery Potential

The first key resistance lies at $91,000. If Bitcoin (BTC) can cross this level, the next resistance will be at $91,350, which is the 50% Fib retracement of the last drop from $95,475 to $87,200. A close above the $91,350 resistance could push the price higher towards $93,000.

If this momentum continues, Bitcoin (BTC) may try to break $94,000, with the next resistances near $95,000 and $95,500. However, if Bitcoin (BTC) fails to break the $91,350 resistance zone, there could be further declines. Immediate support is at $89,150, followed by major support at $88,000. If the selling pressure continues, the price could drop to the $87,200 zone, and further to the $86,500 support in the short term.

Possible Further Decline

If Bitcoin (BTC) is unable to recover and break the mentioned resistance, the potential for further declines is very much open. The next critical support is $85,500, where if the price falls below this, the decline could become faster and deeper. Technical indicators are currently showing challenging dynamics. The hourly MACD is losing momentum in the bearish zone, and the hourly RSI (Relative Strength Index) is now above the 50 level, indicating uncertainty in market strength.

Bitcoin Market Outlook

With the current conditions, Bitcoin (BTC) investors and traders should be aware of the price fluctuations that could occur. Monitoring key support and resistance levels will be crucial in determining the next direction for Bitcoin (BTC). Whether there will be a recovery or a further decline, the market will certainly provide some important clues in the near future.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.