Bitcoin price started an upside correction above $85,000
Bitcoin price started a decent upward move after finding bids near the $77,000 level. The price recovered above the $80,000 and $82,000 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $92,997 swing high to the $77,041 low.
The bulls even pushed the price above the $85,000 pivot level. However, the bears remained active below the $90,000 level. The price also stayed below the 50-day simple moving average (blue).
Bitcoin price is now consolidating below the $90,000 resistance level. The current price action suggests that the price seems to be facing strong resistance and struggling to gain pace for a move above the $90,000 zone.
The last three candles suggest exhaustion and an increase in selling pressure. On the upside, immediate resistance is near the $87,500 level. The first major resistance is seen near the $88,000 zone.
There is also a key bearish trend line forming with resistance at $88,000 on the daily chart. The main resistance could be near the $90,000 zone and the 50-day simple moving average (blue) or the 76.4% Fib retracement level of the downward move from the $92,997 swing high to the $77,041 low at $89,250.
A close above the $90,000 resistance might spark more upsides. The next stop BTC price could be the $93,000 level, above which the price could attempt to clear the $95,000 level.
A daily close above the $95,000 resistance zone could set the pace for a move toward the next key resistance at $96,760 and the 1.236 Fib extension level of the downward move from the $92,997 swing high to the $77,041 low. Any more gains might call for a test of $98,800 or even $100,000.
Fresh Decline In BTC?
Conversely, Bitcoin price might struggle to clear $88,000 or $90,000 and start another decline. Immediate support on the downside is near the $85,500 level.
The first major support is near the $85,000 level. A downside break and close below the $85,000 support might spark more losses and send the price further lower. In the stated case, Bitcoin could test the $80,800 support. The next key support could be $77,000, below which BTC might slide toward the $75,000 zone.
Overall, Bitcoin is struggling to clear the $88,000 and $90,000 resistance levels. If BTC stays below $90,000, there could be a fresh decline toward the $80,800 support.