$BTC Bitcoin struggles to maintain recovery

Bitcoin is trading above $87,000 at the time this news was written on Tuesday, as the Relative Strength Index (RSI) moves lower, indicating that it is approaching oversold territory. An RSI reading below 30 indicates intense bearish momentum but can also signal a potential bullish shift.

The Moving Average Convergence Divergence (MACD) indicator has maintained a sell signal since November 3, prompting investors to reduce their risk exposure.

Bitcoin is also far below the declining 50-day Exponential Moving Average (EMA) at $101,737, the 200-day EMA at $105,802, and the 100-day EMA at $106,143, all indicating a deteriorating technical structure.

A daily close above $90,000 would confirm a bullish grip and increase the chances of a breakout towards $100,000 in the short to medium term. However, Bitcoin is at risk of falling below $80,000 if profit-taking continues and support at $83,000 is breached.

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