The price of Bitcoin has begun a significant rise, surpassing $91,200. BTC displays bullish signals and may continue to increase above $93,000.
- Bitcoin initiated a new upward movement past the $91,200 mark.
- The price is currently trading above $92,000 and the 100-hour Simple Moving Average.
- A critical bullish trend line is forming with support at $91,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If it remains above the $91,200 zone, the pair may continue to ascend.
Bitcoin Price Anticipates Further Gains
Bitcoin’s price has stayed above the $90,000 support and has begun a fresh increase. BTC has gained momentum to break above both the $90,500 and $91,200 resistance levels.
It has even crossed $92,000. A new multi-week high at $93,333 has been established, and the price is currently consolidating its gains. It remains stable above the 23.6% Fib retracement level of the recent upward movement from the $90,804 swing low to the $93,333 high.
Bitcoin is now trading above $92,000 and the 100-hour Simple Moving Average. Additionally, a key bullish trend line is forming with support at $91,500 on the hourly chart of the BTC/USD pair.
Should the price maintain stability above $91,500, it could attempt a new recovery wave. Immediate resistance is situated around the $93,200 level, with the first key resistance near $93,500. The next resistance point may be $94,000. A close above $94,000 could propel the price even higher.
In such a scenario, the price might rise to test the $94,650 resistance. Any further gains could push the price toward the $95,000 level, with additional resistance around $95,500 and $95,800.
Is Another Decline Possible for BTC?
If Bitcoin struggles to break the $93,200 resistance region, it may initiate another decline. Immediate support stands near the $92,200 level, with key support found at the $92,000 level or the 50% Fib retracement of the recent upward advance from the $90,804 swing low to the $93,333 high.
The next support area is around the $91,500 zone. Any additional losses might direct the price towards the $90,500 support soon. The main support level lies at $90,000, below which BTC could accelerate downward shortly after.
Technical indicators:
Hourly MACD – The MACD is currently picking up momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $92,000, followed by $91,500.
Major Resistance Levels – $93,200 and $94,000.
