Bitcoin is currently trading at approximately $86,800, showing a slight decline of less than 1% over the past 24 hours. This positions the leading cryptocurrency below the $87,000 mark, suggesting a potential for further downward movement if the bullish trend does not gain strength.
As Bitcoin, Ethereum (ETH), and Ripple (XRP) maintain their positions around critical price levels, the market”s initial positive momentum appears to be waning. While there are signs of diminishing bearish sentiment, the inability of buyers to drive prices higher raises concerns about a possible revisit to lower support levels in the near future. Nevertheless, should these support levels hold firm, there remains a possibility for a subsequent rally over the coming days.
Market analysts express a cautiously optimistic outlook regarding Bitcoin“s performance in the medium to long term. Keith Grose, CEO of Coinbase UK, noted, “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.”
On the technical front, the BTC/USD 4-hour chart exhibits a bearish outlook. After a recent underperformance, Bitcoin found support around the psychological threshold of $80,000 last Friday, subsequently experiencing a slight rebound. Currently, with the market hovering around $86,800, Bitcoin has struggled to break through the resistance level at $90,000. Should the upward recovery sustain momentum, targets may include the next resistance at $90,000, with additional levels above $92,000 potentially acting as short-term objectives.
Meanwhile, the Relative Strength Index (RSI) on the 4-hour chart registers at 47, indicating that the downside pressure may be easing after previously dipping below the oversold threshold. Additionally, the MACD lines are approaching the bullish territory, suggesting that buyers are still maintaining some level of control. However, if Bitcoin fails to surpass the $90,000 resistance, a deeper decline towards the significant psychological level of $80,000 could be anticipated.
