Bitcoin Rejected at $87,000 USD Resistance Amid Geopolitical Tensions
Bitcoin started the week on a high note, briefly reaching $87,400 USD. However, as geopolitical tensions rose around the Strait of Hormuz, the price began to decline. The Relative Strength Index (RSI) reached 88.5 during this surge, but was later rejected at resistance above $87,000 USD.
After the rejection, Bitcoin pulled back to near $85,200 USD on Tuesday morning and then rebounded with the help of strong inflows into spot Bitcoin ETFs. However, the market soon consolidated and traded sideways for several days.
The four-hour chart shows a tight pattern, with both trend lines being tested three times. This creates a potential ascending triangle that could act as a continuation pattern or a reversal pattern after a decline. If the bullish structure fails, the next support levels to watch are around $82,500 USD and $81,150 USD.
Looking at the daily chart, there is a historical comparison with the 2023 bull run that suggests Bitcoin could continue drifting slightly lower through the end of September. A more significant correction could then arrive in October, potentially taking the price back to around $70,000 USD before a rebound.