Bitcoin traders in India are closely monitoring the recent price movements of BTC as it faces resistance near $89,000, indicating a potential 10-15% price dip. Data from Cointelegraph Markets Pro and TradingView reveals that BTC/USD hit new highs of $88,874 in April but struggled to maintain momentum. The rejection at the key 200-day moving average has raised concerns among traders, with some predicting a correction in the near future. The 200-day SMA traditionally acts as support in bull markets, but its loss in March led to a downward spiral in BTC price. Despite a rebound from five-month lows, traders are cautious about the current price action. Stochastic relative strength index (RSI) values suggest that BTC could experience a 10-15% correction based on historical patterns. Market participants are also considering the impact of the S&P 500’s downward momentum on BTC price. However, some traders believe that the recent price reversal could indicate a bullish trend, citing macroeconomic factors like the weakening US dollar and all-time highs in the global M2 money supply. Popular trader Cas Abbe is optimistic about BTC’s future, pointing to whale accumulation, the reemerging Coinbase premium, and bottomed-out altcoins as signs of a sustained rally. While the market outlook remains uncertain, investors are advised to conduct thorough research before making any investment decisions.