Key takeaways
- BTC is down by less than 1% in the last 24 hours and is currently trading below $87k.
- It could dip lower if the bullish trend fails to prevail.
Bitcoin stalls around $86k
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices hover around key levels following a positive start to the week. The price action of the leading cryptocurrencies suggests fading bearish momentum.
However, the bulls have failed to push prices higher, and Bitcoin could revisit lower support levels in the near term. However, if the support levels hold, Bitcoin could rally higher over the next few days.
Analysts are optimistic that Bitcoin’s price could appreciate in the medium to long term. While commenting on the current market conditions, Coinbase UK CEO Keith Grose said,
“Market conditions are shifting as institutions across Europe take a more structured and regulated approach to digital assets. We’re seeing clearer frameworks emerge, stronger infrastructure being developed, and early examples of central banks and financial institutions running controlled pilots to build practical understanding – including the Czech National Bank’s recent decision to test a small, ring-fenced portfolio of digital assets.”
Bitcoin’s price could face further pressure
The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has underperformed in the last 24 hours. The leading cryptocurrency found support around the $80k psychological level on Friday and has slightly bounced back since then.
At press time, Bitcoin is trading around $86,800 per coin after failing to overcome the $90k resistance level. If the recovery continues, BTC could rally toward the next key resistance at $90,000. The ILQ and TLQ levels above $92k could also serve as short-term targets for Bitcoin.
The Relative Strength Index (RSI) on the 4-hour chart reads 47, after slipping below the oversold threshold last week, suggesting that downside pressure is declining. The MACD lines are also close to the bullish zone as buyers remain in control.
However, if BTC fails to overcome the $90k resistance, it could extend the decline toward the key psychological level at $80,000.
