The price of Bitcoin has entered a consolidation phase below the level of $90,500. Bitcoin is currently working to consolidate its losses and may attempt to recover if it surpasses the level of $91,500.
Bitcoin has begun a slight recovery wave from the level of $87,200.
The price is currently trading below the level of $90,500 and below the simple moving average of 100 hours.
A breakout of a short-term bearish trendline occurred with resistance at $89,700 on the hourly chart for the BTC/USD pair (data from the Kraken platform).
The pair may recover if it manages to stabilize above the levels of $90,500 and $91,500.
Bitcoin price is looking to recover
Bitcoin's price failed to stay above the support level at $90,000, continuing its losses. Bitcoin dropped sharply below the support levels of $89,500 and $88,000.
In fact, sellers pushed the price below the level of $87,500. A low of $87,200 was recorded, and the price is now trying to recover. It has surpassed the 23.6% Fibonacci retracement level for the drop from a high of $95,475 to a low of $87,200.
Additionally, a short-term downward trend line has been broken, with resistance at $89,700 on the hourly chart for the BTC/USD pair. Bitcoin is currently trading below $90,500 and below the 100-hour simple moving average.
If the price stabilizes above $89,000, it may attempt to rise again. Immediate resistance is near the level of $90,300. The first major resistance is near the level of $91,500, due to its proximity to the 50% Fibonacci retracement level for the drop from a high of $95,475 to a low of $87,200.
