Kraken News: Bitcoin Price Consolidates Below $88,000 Resistance

Bitcoin Price Stalls at $88K—Can Bulls Overcome Key Resistance?

Bitcoin price remained supported above the $86,000 zone and started a fresh recovery wave above the $86,800 zone. However, it is now consolidating and might aim for a move above the $88,000 resistance zone. The price is currently trading below $87,200 and the 100 hourly Simple Moving Average (SMA). A key bearish trend line is forming with resistance at $88,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). If Bitcoin clears the $88,000 and $88,200 levels, it could start another increase.

Ethereum Price Struggles; Risk of Downside Break

Ethereum price struggled to surpass the $2,050 resistance level and is now consolidating below $2,020 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance at $2,040 on the hourly chart. ETH must clear the $2,040 and $2,100 levels to initiate a decent increase. The price dipped again after failing to sustain above $2,100, testing the $1,980 zone with a low at $1,982. Recently, there was an upward move above the $2,020 level.