I started looking into Bitcoin since 2019 and observing market since then. Here I will express my views on Bitcoin based on my prior experience. Any view should not be considered as a financial advice.

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Bitcoin price started a fresh decline below $88,000. BTC is now attempting to 
recover but upside might face hurdles near $88,000. Bitcoin started a fresh 
decline below the $88,000 zone. The price is trading below $87,500 and the 100 
hourly Simple moving average. There was a break above a short-term bearish 
trend line with resistance at $86,000 on the hourly chart of the BTC/USD pair 
(data feed from Kraken). The pair might continue to move down if it settles 
below the $85,500 zone. Bitcoin Price Attempts Recovery Bitcoin price failed 
to stay above the $90,000 zone and started a fresh decline. BTC dipped sharply 
below $88,500 and $88,000. The bears even pushed the price below the $86,500 
level. A low was formed at $83,870 and the price is now correcting losses. 
There was a move above the $85,000 level. The price climbed above the 23.6% 
Fib retracement level of the downward move from the $91,928 swing high to the 
$83,870 low. Besides, there was a break above a short-term bearish trend line 
with resistance at $86,000 on the hourly chart of the BTC/USD pair. Bitcoin is 
now trading below $88,000 and the 100 hourly Simple moving average. If the 
bulls remain in action, the price could attempt another increase. Immediate 
resistance is near the $87,250 level. The first key resistance is near the 
$88,000 level or the 50% Fib retracement level of the downward move from the 
$91,928 swing high to the $83,870 low. The next resistance could be $88,500. A 
close above the $88,500 resistance might send the price further higher. In the 
stated case, the price could rise and test the $90,000 resistance. Any more 
gains might send the price toward the $91,500 level. The next barrier for the 
bulls could be $92,000 and $92,500. Another Decline In BTC? If Bitcoin fails 
to rise above the $88,000 resistance zone, it could start another decline. 
Immediate support is near the $85,500 level. The first major support is near 
the $85,000 level. The next support is now near the $83,500 zone. Any more 
losses might send the price toward the $82,500 support in the near term. The 
main support sits at $81,200, below which BTC might accelerate lower in the 
near term. Technical indicators: Hourly MACD – The MACD is now losing pace in 
the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD 
is now above the 50 level. Major Support Levels – $85,500, followed by 
$85,000. Major Resistance Levels – $87,250 and $88,000.

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