Bitcoin is trying to climb back up after hitting a low of $85,211, but it’s struggling. While buyers are pushing, the situation is fragile. Technical indicators aren’t looking great, making a sustained recovery uncertain.
Bitcoin’s Stalled Comeback
Bitcoin’s recent price action shows buyers are trying to bounce back from the $85,211 support level after a pretty steep drop. This happened after Bitcoin hit strong resistance at $93,257 and couldn’t break through.
Even though things seem a bit more stable, the buying pressure is weak. This raises serious doubts about whether this recovery will last or if another downturn is coming. The price is still below the 100-day Simple Moving Average (SMA), which means the sellers are still in charge. Plus, the MACD (Moving Average Convergence Divergence) indicators are heading down, suggesting weakening bullish momentum. If this downward trend continues, it could signal a shift back to a bear market.
Basically, the buying isn’t strong enough to make a real recovery, and things could get worse. A confirmed bearish crossover would make it even harder for Bitcoin to climb again. For buyers to win, they need a huge surge in buying to turn those MACD indicators positive.
What Happens Next? A Rally or Another Fall?
If buyers can hold the $85,211 support level, Bitcoin might see a temporary rally towards the next resistance level at $93,257. Breaking through that could lead to a stronger upward push, maybe even towards $100,000. This would boost confidence and attract more buyers.
But, if Bitcoin loses momentum and falls below $85,211, things could get ugly fast. It could then test lower support levels around $73,919 or even $65,082 before finding a bottom. Traders need to keep a close eye on key support and resistance levels to figure out what’s coming next.
