Bitcoin Stabilizes After Drop, Eyes Rebound Above $90,000
1min read Bitcoin's price has stabilized after a recent drop, raising questions about a potential rebound. The cryptocurrency initially declined below the $90,000 zone, with BTC falling below $88,500 and struggling to regain bullish momentum. Analysts suggest that the price could face resistance at the $91,000 level, with a bearish trend line forming on the hourly chart of the BTC/USD pair.
Bitcoin's price started a fresh decline from the $95,000 resistance level, trading below the $92,000 and $90,000 support levels. The price dropped over 10% and traded below the $88,000 support zone. There was a clear move below the 50% Fib retracement level of the upward wave from the $84,500 swing low to the $95,000 high. Finally, the price tested the $82,000 support zone, forming a base and recovering some losses above the $83,500 level.
Bitcoin is now trading below $90,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $88,750 level, with the first key resistance at the $90,000 level. The next key resistance could be $91,500. A close above the $91,500 resistance might send the price further higher, potentially testing the $93,000 resistance level. Any more gains might send the price toward the $94,200 level or even $95,000.
If Bitcoin fails to rise above the $90,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $85,000 level, with the first major support at the $83,200 level. The next support is now near the $82,250 zone and the 76.4% Fib retracement level of the upward wave from the $84,500 swing low to the $95,000 high. Any more losses might send the price toward the $80,000 support in the near 