Bitcoin price struggled to maintain its position above the $89,000 support level and continued to decline. BTC experienced a significant drop, falling below the critical support levels of $88,500 and $87,000. The bears managed to drive the price down to below $86,500. A low was established at $86,007, and the price is currently making an effort to initiate a recovery wave. A rise occurred beyond the 23.6% Fibonacci retracement level of the decline from the $91,099 peak to the $86,007 trough.
Bitcoin is currently trading under $88,500 and below the 100 hourly Simple Moving Average. If the price holds steady above $86,500, it may look to initiate a new upward movement. Immediate resistance is positioned around the $88,000 mark. A new bearish trend line is emerging, showing resistance at $88,000 on the hourly chart of the BTC/USD pair. The initial significant resistance is positioned around the $88,500 mark, as it aligns with the 50% Fibonacci retracement level of the decline from the $91,099 swing high to the $86,007 low.
A close above the $88,500 resistance could propel the price even higher. In the given scenario, the price may increase and approach the $89,200 resistance level. Further gains could propel the price to the $90,000 mark. The upcoming resistance levels for the bulls may be $91,000 and $91,500. If Bitcoin does not manage to break through the $88,500 resistance zone, we may see the beginning of another downward trend. Immediate support is positioned close to the $86,700 mark. The initial significant support level is around $86,200.
The upcoming support level is currently positioned around the $85,500 mark. Further losses could push the price down to the $83,500 support level in the short term. The primary support level is established at $82,500, beneath which BTC may face challenges in making a recovery in the short term.