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Bitcoin could recover if it closes above key resistance:
Bitcoin price was retested and found support at the retracement level at $85,869 on Thursday, and it recovered 3.67% over the next three days. As of Monday, BTC is approaching the descending trendline (drawn by connecting multiple highs since October 6).
If $BTC breaks above the declining trendline and closes above the $90,000, it could extend the recovery toward the next resistance at $94,253.
The Relative Strength Index (RSI) reads 46, pointing upward toward the neutral level of 50, indicating early signs of fading bearish momentum. For the bullish momentum to be sustained, the RSI must move above the neutral level. Moreover, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on Saturday, further supporting the recovery thesis.
On the other hand, if BTC faces a correction, it could extend the decline toward the key support at $85,569