#BTCRebound #USChinaTensions $BTC
The price of Bitcoin could reach 90,000 USD if it breaks this level
Bitcoin maintains a low price and has failed to regain 90,000 USD. For months, bears have pushed Bitcoin down from over 100,000 USD below 80,000 USD before bouncing back to 83,000 USD. These events have raised questions among investors about whether the bull run is over. The leading cryptocurrency could reignite the bull market.
After a drop of more than 20% from its all-time high, cryptocurrency expert RLinda on TradingView stated that Bitcoin shows signs of recovery. These bullish trends do not indicate a break in the downward trend, as the cryptocurrency still needs to return to critical levels before a full breakout can be confirmed.
Bitcoin strengthened after recovering to 80,000 USD. The expert attributed this strength to localized growth of the index and discussions with the Fed and expectations of interest rate cuts. This occurs amid a serious trade conflict between the USA and China, which has caused collapses in the cryptocurrency market.
The latest bounce placed Bitcoin at a key point that could define its future movement. The cryptocurrency must overcome the barrier of 86,190 USD to solidify the bounce, especially for the bulls.
The cryptocurrency researcher stated that BTC is consolidating above 86,190 USD after breaking the descending pattern. If Bitcoin breaks this barrier, it will rise further.
After overcoming it, 88,800 USD is the next significant hurdle. This means that bulls have a long way to go before regaining 90,000 USD.
The decline may last
Bitcoin investors are optimistic above 86,190 USD, but if resistance is not overcome, the price may fall lower. If bears manage to push the price back down, support levels will decrease.
The cryptocurrency researcher estimates that 83,170 USD is the first support from current levels. After this milestone, 78,170 USD is another key support below 80,000 USD. This would lower it to levels of March 2025.
"But regarding 88,800, we will need to watch the price reaction,"