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Bitcoin price tested the $88,000 level twice in the past few hours, but each attempt was significantly rejected, with the price falling rapidly thereafter.
At the time of writing, the price of Bitcoin is hovering around $87,000, continuing to recover from last week’s decline below the $82,000 level, as optimism grows over the possibility of a rate cut by the Federal Reserve and the consequent flow of liquidity and support for the market.
Analysts believe that the market is far from entering a bearish phase and the current situation may lead to a new wave of gains.
Analyst Dan CryptoTrades noted that Bitcoin has lost the support range associated with the bull run, explaining that the recent decline created a large price gap of around $20,000 to return to that range.
He stressed that given that this is a key area that must be monitored, the currency may return to this level later, especially since the market’s weekly structure remains stable as long as the April lows are maintained.
In April, Bitcoin prices fell to $75,000, but the recent correction is more severe in terms of selling pressure.
As far as “Rect Capital” analysts are concerned, a weekly close above $86,000 could pave the way to $93,000 due to weaker support and resistance levels in this area, especially with the closing price actually at $86,820 according to “TradingView” data.
Analysts at Stock Money Lizards also noted that the rising wedge pattern was broken and the relative strength index entered oversold territory, similar to what happened in March and April, when a brief panic caused the market to fall and then the currency hit all-time highs.
On the other hand, analyst “Colin” did not express the same optimism, explaining that despite the current rebound, he does not intend to quickly return to the overall bullish outlook, believing that a rebound is comfortable and inevitable after indicators reach oversold conditions.
He emphasized that given that the recent rise is just a natural corrective movement, it is necessary to restore price levels to well above current levels before talking about reaching historical peaks again.
Bitcoin price continues to trade near $87,000 as the recovery wave that began over the weekend continues.
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