Key takeaways
- BTC slipped less than 1% over the past 24 hours and is currently trading below $87,000.
- It could move lower if the bullish momentum fails to resume.
Bitcoin stalls near $86k
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are hovering around key levels after a positive start to the week. Price action among leading cryptocurrencies indicates fading upward momentum.
Although bulls pushed prices higher earlier, they failed to sustain further gains, leaving Bitcoin vulnerable to a revisit of lower support levels in the near term. If those supports hold, however, BTC could rally again over the coming days.
Analysts remain cautiously optimistic that Bitcoin can appreciate over the medium to long term. Commenting on current market conditions, Coinbase UK CEO Keith Grose observed,
“Market conditions are evolving as institutions across Europe adopt a more structured and regulated approach to digital assets. We are seeing clearer frameworks emerge, stronger infrastructure being built, and early examples of central banks and financial institutions running controlled pilots to gain practical understanding — including the recent decision by the Czech National Bank to test a small, ring-fenced digital asset portfolio.”
Bitcoin may face further downside pressure
The BTC/USD 4-hour chart looks subdued after Bitcoin underperformed over the past 24 hours. The leading cryptocurrency found support around the psychological $80,000 level on Friday and has since bounced modestly.
At the time of writing, Bitcoin is trading near $86,800 per coin after failing to clear the $90,000 resistance. If the recovery continues, BTC could target the next major resistance at $90,000. ILQ and TLQ levels above $92,000 could also serve as short-term targets.
The 4-hour Relative Strength Index (RSI) sits around 47 after dipping below the oversold threshold last week, signaling that downward pressure has eased. The MACD lines are also approaching bullish territory as buyers retain some control.
However, if BTC fails to break above $90,000, it could extend its decline toward the key psychological support near $80,000.