Bitcoin’s price continues to fall, having dropped below the $88,500 mark, which puts the further stability of the cryptocurrency at risk. At the moment, BTC is trading below $88,000 and is facing pressure from the bears, who have managed to push it below key levels.
The recent decline began when the price of Bitcoin fell below $90,000 and has continued downward since then, with current values in the $86,800 area. On the BTC/USD chart, a trendline is forming with a resistance level at $87,650, which may complicate recovery attempts. If Bitcoin fails to hold above $87,000, this may lead to a further drop.
The current resistance levels are located at $88,500 and $89,100, where a breakout above these marks may lead to growth up to $90,500.
However, if the situation does not change and Bitcoin does not overcome the $88,500 level, it may face another decline. The first support level is at $87,000, followed by $86,750 and $86,000. If the price falls below $84,500, this may trigger a sharp drop.
Technical indicators also point to negative trends: the MACD shows increasing decline in the bearish zone, and the RSI is below the 50 mark.
With Bitcoin’s current fluctuations, volatility in the cryptocurrency market may increase, creating new challenges for both investors and competitors in this space.
