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- Bitcoin's recovery in the new year may be limited:
The price of Bitcoin is trading above $88,000 at the time of writing this report on Wednesday, maintaining stability after a 1.43% increase the previous day. Recent fluctuations in Bitcoin's price indicate a sideways trend within a symmetrical triangle pattern.
A potential rebound from the support zone could test the upper trendline connecting the highs of November 15 and December 9, near $92,000, along with the 50-day exponential moving average at $91,829.
Momentum indicators on the daily chart support the hypothesis of a possible recovery. The Relative Strength Index (RSI) is at 48, approaching the midpoint, indicating decreasing selling pressure.
Additionally, the Moving Average Convergence Divergence (MACD) is rising with its signal line after crossing on December 19. However, the nearby moving average lines carry the risk of a bearish crossover, which would generate a sell signal if Bitcoin's price drops sharply.
Daily BTC/USDT price chart.
If Bitcoin's price falls below the support line connecting the lows of November 22 and December 1, near $85,000, it may retest its lowest level on November 21 at $80,600.