Bitcoin recently experienced a minor correction from its impressive peak around $93,450. Currently, the cryptocurrency is stabilizing above the $87,000 level and appears poised for another potential rally in the near future.
The recent price movements saw Bitcoin attempting to break through the $93,000 level, achieving an all-time high of $93,435 before entering a short-term downward correction. This correction included a brief dip below the $90,000 level, with the lowest point reaching approximately $86,621. Since then, the price has been consolidating above $87,000, slightly recovering as it hovers around the 23.6% Fibonacci retracement level from the recent price decline.
Currently, Bitcoin is trading above the 100-hourly simple moving average, but it faces considerable resistance at the $90,000 level. There is a bearish trend line forming, which coincides with that resistance level, suggesting that a breakout could be difficult without a significant upward push. A critical resistance area is situated around $90,850; surpassing this could signal further bullish momentum.
If Bitcoin successfully navigates past the key resistance levels, the next target would likely be around $91,500, with the possibility of reaching $93,450 again. Continued gains could even push prices toward $95,000.
However, if Bitcoin struggles to clear the $90,000 resistance, a decline may occur. Immediate support is identified near $87,150, followed by more substantial support levels at $86,500 and $85,280. A deeper correction could see prices drop toward the $82,500 support zone.
Current technical indicators reveal a modest bearish trend, with the MACD showing a slowdown in bearish momentum, while the Relative Strength Index is positioned below 80, suggesting some bearish pressure remains. The upcoming days will be crucial for Bitcoin as it navigates these resistance and support levels.
