Bitcoin Price Today: BTC Price Rebounds to $87K as Bullish Ascending Channel Forms but Death Cross Keeps Bears in Control
Bitcoin rebounded to $87K, forming a bullish ascending channel, but faces strong resistance at $88K-$90K amid the bearish influence of the death cross.Summary
Bitcoin (BTC) has recovered to approximately $87,555 after dipping toward $80,000 earlier in the week, showing a 1.34% gain in 24 hours supported by increased spot volume. However, the market sentiment is cautious due to broader metrics and technical indicators. A major hurdle exists at the $88,000–$90,000 resistance zone, which has repeatedly rejected price advances. This resistance coincides with the lingering effect of the death cross (50-day MA crossing below the 200-day MA) formed in mid-November, which suggests slowing momentum.
On lower timeframes, BTC is consolidating within a bullish ascending channel on the 1-hour chart, with buyers defending support between $85,000–$86,000, suggesting active spot buying. Analysts have set a near-term target of $88,519 based on a newly formed daily buyer zone on the 2-hour timeframe.
Ultimately, Bitcoin is at a pivotal juncture. A decisive breakout above the $88K–$90K resistance would validate the short-term bullish structure, but a rejection could lead to a retest of the $82K–$80K lows, as longer-term caution persists.
(Source：Brave New Coin)