Bitcoin has consolidated after a sharp drop, and the battle between bulls and bears has officially begun!
Bitcoin has fallen sharply again, directly breaking below the key support level of 87000. Now Bitcoin is in a state of consolidation, and it seems challenging to break through the important threshold of 89350.
After Bitcoin fell below the 87500 range, a new round of downward movement was triggered. The current price is not only below 88000 USD but also below the 100-hour simple moving average. From the BTC/USD hourly chart, a bearish trend line is forming, with resistance at around 88500 USD. If Bitcoin can stabilize above 89350, the possibility of further upward movement is comparatively high.
Bitcoin's price has struggled to stay above 88500 USD, leading to a new round of declines, and it has even broken below the 88000 support level. The price once fell below the 86500 support level, but fortunately, the bulls made a strong effort around 85000. The price formed a low near 85151, and then began to rebound and correct.
However, the bears are also active around 89000, and currently, Bitcoin's price is below 88000 USD. At the 100-hour moving average here, if the bulls can continue to exert effort, the price may further rise. Direct resistance is near 88000 USD, with the first key resistance at around 88500 USD. Moreover, on the BTC hourly chart, a descending trend line with resistance at 88500 USD is forming.
Will Bitcoin's price fall again?
If Bitcoin cannot break through the 88500 resistance level, it is likely to trigger a new round of declines. Direct support is near 87000, with the first major support around 86500. The next support level is around 85500, and if the price continues to fall, it may further test the 85000 support level in the short term. The main support level is at 83500; once this support is broken, Bitcoin is likely to accelerate its decline in the short term.
The market has experienced a sharp drop; next, I will prepare some suitable coins for bottom fishing as a recovery plan. If you feel lost and helpless, follow me! Choosing is greater than effort!
