Earlier this week, dropped below key support levels, descending under $87,500 and briefly trading below $86,500.
Gradually, buyers started building positions near $85,000, helping create a short-term base and kick off a slight rebound.
However, the coin continued to trade below $88,000 and remained below the 100-hour simple moving average, indicating ongoing short-term weakness.
A descending trend line on the hourly chart places immediate resistance near $88,500. A stronger resistance is at $89,350, aligned with 50% Fibonacci retracement of the recent fall from the $93,560 high to the $85,151 low.
A sustained close above this zone could shift the sentiment to bulls and open the door toward $90,000-$91,200.