The price of Bitcoin has embarked on a new upward trajectory, surpassing $90,000. BTC is currently testing the crucial resistance level at $93,000 and may attempt to break above it.
- Bitcoin has initiated a new rise above the $90,000 threshold.
- The price is currently trading above $90,500 and the 100-hour Simple Moving Average.
- A bullish trend line is forming, with support at $90,800 on the hourly chart for the BTC/USD pair (data feed from Kraken).
- The pair may continue to ascend if it stabilizes above the $93,000 mark.
Bitcoin Price Rises Over 5%
Bitcoin’s price has successfully remained above the $84,000 range, starting a significant increase. BTC gained momentum, breaking through the $88,000 and $90,000 levels.
A clear breakthrough occurred at the $90,500 resistance level. A peak was reached at $92,912, and the price is now testing a significant resistance area. It remains above the 23.6% Fibonacci retracement level of the rise from the $83,870 swing low to the $92,912 peak.
Bitcoin is currently trading above $92,000 and the 100-hour Simple Moving Average. Additionally, a bullish trend line is in place with support at $90,800 on the hourly BTC/USD chart.
If the bulls continue their momentum, the price may strive for further increases. Immediate resistance is observed around the $92,900 level, with the first key resistance at $93,000 and potential resistance near $93,500. A closure above the $93,500 mark might propel the price even higher, possibly testing the $95,000 resistance. Additional gains could push the price toward $96,500, with further barriers for the bulls at $97,200 and $98,000.
Could BTC Experience Another Drop?
Should Bitcoin fail to surpass the $93,000 resistance, it may start to decline again. Immediate support is located near the $90,800 threshold and the trend line. The first major support level is around $88,400, coinciding with the 50% Fibonacci retracement level of the upward movement from the $83,870 swing low to the $92,912 peak.
The next support level is now identified at approximately $87,350. Further declines could send the price towards the $86,000 support in the short term. The main support level stands at $84,000, below which BTC could experience a more significant drop.
Technical indicators:
Hourly MACD – The MACD is gaining momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 mark.
Major Support Levels – $90,800, followed by $88,400.
Major Resistance Levels – $93,000 and $93,500.
