Bitcoin is trading near $87,000 at press time, showing a small drop over the past 24 hours and a 4% decline in the past week (CoinGecko). After filling the $88,600 Fair Value Gap (FVG), the asset has pulled back and is now sitting just below that key level.
Analysts are watching $85,000 and $88,000, as the next move may decide whether BTC climbs to $93,000 or drops toward $75,000.
$85K Support and $88K Resistance in Focus
According to Crypto Patel, the cryptocurrency is still following the expected technical path. After filling the $88,600 gap, it failed to push higher and is now trading below it. The $85,000 level is now seen as a major support zone. If that holds, the price could reach the $93,000 Bearish Order Block, which also lines up with the 0.5 Fibonacci retracement.
If BTC fails to stay above $85,000 or reclaim $88,000, pressure may increase. In that case, it could fall toward the $75,000–$76,000 zone. This area has been mapped as a possible support zone with previous buy-side activity.
In addition, chart data from Ali Martinez points to a bearish flag pattern. This setup began with a steep drop, followed by a channel trending upward. The lower edge of that channel has now been broken, and BTC is trading below it. The estimated target, based on the pattern’s size, is near $79,000.
Liquidity Zones May Guide Next Move
Ted noted that there are clusters of liquidity between $80,000 and $83,000 on the downside, and between $92,000 and $93,000 on the upside. He wrote,
“If BTC reclaims the $89,000 level, upside liquidity will be swept first,” but added, “If Bitcoin loses the $85,000 level, the downside liquidity will be taken out before a bounce back.”
However, Bitcoin is still above a major trendline that has shaped its price for the past four years. As long as it stays above that line, the long-term trend remains stable.
Glassnode shared that BTC is still below the short-term holder cost basis but above deeper realized prices. This keeps Bitcoin in a zone where it has room to move in either direction, depending on whether demand returns or selling increases.
As CryptoPotato reported, large holders are still accumulating. Since November 11, the number of wallets holding at least 100 BTC has increased by 91. At the same time, small wallet numbers are falling. Some older wallets have moved coins, suggesting that some long-time holders may be reducing exposure.
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