The price of Bitcoin has begun a new rise, surpassing $90,500. BTC is currently consolidating its gains and may try to break above $91,650 soon.
- Bitcoin initiated a new rise beyond the $90,500 threshold.
- The price is currently above $91,000 and the 100 hourly Simple Moving Average.
- A significant breakout occurred above a bearish trend line that had resistance at $90,000 on the hourly chart of the BTC/USD pair (data sourced from Kraken).
- The pair could continue its upward movement if it stabilizes above the $91,650 area.
Bitcoin Price Confronts Resistance
Bitcoin’s price is maintaining its position above the $90,500 mark and has started a new ascent. BTC has gained momentum, climbing above the $91,500 and $92,500 levels.
A clear breakout above the $93,000 resistance was observed. A peak was reached at $94,050, after which the price corrected some gains. It dipped below the 50% Fibonacci retracement of the rise from the $83,871 swing low to the $94,050 high.
However, bulls were active around the $87,800 support level and the 61.8% Fibonacci retracement of the upward move from the $83,871 swing low to $94,050 high. The price is now climbing again above $90,000.
A breakout above a critical bearish trend line at $90,000 was noted on the hourly chart of the BTC/USD pair. Bitcoin is currently trading above $91,000 and the 100 hourly Simple Moving Average.
If the bulls continue their efforts, there could be another price increase. Immediate resistance is around the $91,650 mark. The primary resistance level is close to $92,000, while the next hurdle may be at $93,000. A closure above $93,000 could propel the price even higher, potentially reaching the $95,000 resistance. Further gains might drive the price toward $95,500, with additional barriers at $96,200 and $96,450.
Is Another Decline Imminent for BTC?
If Bitcoin does not manage to rise above the $91,650 resistance zone, it might initiate another downturn. Immediate support is situated near the $90,000 level, with the first significant support at $89,500.
The next support level lies near $87,800. Should losses continue, the price could approach the $87,250 support soon. The main support is established at $86,500, below which BTC might see a more accelerated decline in the near term.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $90,000 and then $89,500.
Major Resistance Levels – $91,650 and $92,000.
