On the 8-hour timeframe, BitcoinOn the 8-hour timeframe, Bitcoin is currently trading at $87,777, following a continued downtrend. The price is approaching a key support level at $87,558, and if this level fails, the next significant support could be lower around $85,000.
The RSI is at 24.6, indicating oversold conditions, which might suggest a potential short-term bounce. However, the RSI has remained in the lower region for a while, showing sustained bearish momentum. Momentum indicators show early signs of possible bullish interest, including green dots on the momentum wave, but these signals lack confirmation without stronger price action.
Key resistance levels are located between $90,463 and $93,321. The price would need to break above $90,463 to initiate a meaningful recovery attempt. However, given the bearish structure and strong overhead resistance, any bullish move is likely to face rejection unless supported by high trading volume.
The presence of bearish signals above the current price suggests that sellers are still in control. Without significant buying momentum, Bitcoin may continue to drift lower. If the price holds above $87,558 and the RSI begins to climb above 30, a short-term recovery toward $90,463 could occur. On the other hand, failure to hold the current support level could lead to a further decline toward the $85,000 region.
Overall, the outlook remains bearish, with a chance for a short-term bounce if support holds. Traders should monitor RSI movement and trading volume for signs of a potential reversal.
