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The Bitcoin price continues to trend low and has failed to reclaim $90,000. The bears have dominated during the last few months, dragging Bitcoin down from above $100,000 to below $80,000, before the bounce to $83,000. Now, these developments have triggered doubts in the minds of investors as to whether the bull run might be over. However, there could still be some hope for the leading cryptocurrency that could see a restart of the bull market.
Bitcoin Needs To Properly Clear $86,190
Crypto analyst RLinda on the TradingView website has explained that the Bitcoin price is beginning to show some positive signs after crashing over 20% from its all-time high price. However, even these positive trends are not enough to suggest that there is a break in the downtrend, especially as there are still major levels left for the cryptocurrency to reclaim before a proper breakout can be confirmed.
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The Bitcoin price has shown some strength, especially since reclaiming the $80,000 level. This strength, the analyst said, is being driven by the localized growth in indices, as well as talks and expectations that the Fed might lower interest rates. All of this is coming in the middle of a brutal tariff war being fought between the United States and China that has been the main driver of the crashes that the crypto market has suffered.
With the current recovery, the Bitcoin price is facing a critical level that could determine the next course of action. The main point is the $86,190 resistance, which the cryptocurrency must conquer, especially for bulls looking for confirmation of the recovery.
As the crypto analyst explains, the BTC price is now moving beyond the resistance of the descending channel, with consolidation ahead of the $86,190 level. Therefore, if Bitcoin is able to properly clear this resistance, then further increases are on the horizon.
Once beaten, the next major resistance then lies at $88,800. This suggests that there is still a long way for bulls to go before even reclaiming the $90,000 level once again.
Downside Could Persist For Longer
While hope lies above $86,190 for Bitcoin investors, there is still the possibility that the price falls further if the resistance is not cleared. If bears are able to beat back the price, then support levels begin to lie lower and lower.
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From the present levels, the crypto analyst says the first support lies at $83,170. With this point beat, the next major support is below $80,000 at $78,170. This would send it back toward March 2025 lows.
“But, regarding 88800 we will have to watch the price reaction,” RLinda said. “A sharp approach with the purpose of primary testing of the level may end in a false breakout and correction.”
Chart from Tradingview.com
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