Bitcoin price is consolidating gains near the $90,000 zone. BTC is showing positive signs and might soon aim for a fresh increase above $92,000.
- Bitcoin started a fresh increase above the $90,000 zone.
- The price is trading above $90,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $89,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $92,600 resistance zone.
Bitcoin Price Aims Another ATH
Bitcoin price started a short-term downside correction below the $90,000 level. BTC traded below the $88,000 level before it found support.
A low was formed at $86,621 and the price is now recovering higher. There was a move above the $90,000 level. A high was formed at $92,607 and the price is now consolidating. It is trading near the 23.6% Fib retracement level of the upward move from the $86,621 swing low to the $92,607 high.
Bitcoin price is now trading above $90,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $89,600 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $86,621 swing low to the $92,607 high.
On the upside, the price could face resistance near the $92,000 level. The first key resistance is near the $92,500 level. A clear move above the $92,500 resistance might send the price higher. The next key resistance could be $93,200.
A close above the $93,200 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $98,000 resistance level.
Another Drop In BTC?
If Bitcoin fails to rise above the $92,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $90,000 level.
The first major support is near the $89,650 level. The next support is now near the $88,000 zone. Any more losses might send the price toward the $86,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $89,650, followed by $88,000.
Major Resistance Levels – $92,000, and $92,500.
