Key Points
- The price of Bitcoin (BTC) has declined by less than 1% in the last 24 hours and is currently trading below $87,000.
- If the bullish trend does not continue, further declines may be expected.
Bitcoin Stagnates Around $86,000
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices are stabilizing around key levels following a positive start to the week. The recent price action of these major cryptocurrencies suggests a damping of bearish momentum.
However, buyers have struggled to push prices higher, and Bitcoin might revert to lower support levels in the short term. If current support levels hold, Bitcoin could see a price increase in the coming days.
Analysts remain optimistic about the medium- and long-term outlook for Bitcoin’s price. Keith Grose, CEO of Coinbase UK, commented on the current market conditions:
“Market conditions are evolving as European institutions adopt a more structured and regulated approach to digital assets. We are witnessing clearer frameworks emerge, the development of stronger infrastructures, and early examples of central banks and financial institutions leading controlled pilots to build practical understanding – including the recent decision by the Czech National Bank to test a restricted and closed digital asset wallet.”
Bitcoin Price Faces Additional Pressure
The four-hour BTC/USD chart indicates a bearish trend as Bitcoin has underperformed over the last 24 hours. The leading cryptocurrency found support around the psychological level of $80,000 on Friday and has since seen a slight rebound.
At the time of publication, Bitcoin is trading at approximately $86,800 after failing to break through the $90,000 resistance level. If the recovery continues, BTC might rise toward the next key resistance at $90,000. Levels above $92,000 could also serve as short-term targets for Bitcoin.
The Relative Strength Index (RSI) on the four-hour chart is at 47, having dipped below the oversold threshold last week, suggesting that bearish pressure may be decreasing. The MACD lines are also approaching the bullish zone as buyers remain in control.
However, if BTC fails to overcome the $90,000 resistance, a decline toward the key psychological mark of $80,000 may be extended.
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