Bitcoin Price Consolidates Gains Above $90,000 After New ATH
Bitcoin price increased above $90,000 and is currently consolidating near this level, with potential for further increases.
- Bitcoin traded above $92,000.
- The price is above $87,500 and the 100 hourly Simple Moving Average.
- A key bullish trend line supports at $87,200 on the BTC/USD hourly chart (data from Kraken).
- The pair may continue to rise if it remains above $85,400.
Bitcoin Price Sets Another ATH
Bitcoin initiated a fresh increase above $88,000, surpassing $90,000 to reach a new all-time high of $93,435. Currently, it is consolidating gains.
A minor decline occurred below $91,500, dipping beneath the 50% Fibonacci retracement level from the $85,302 swing low to the $93,435 high. However, support remains active near the $88,500 zone.
Bitcoin is trading above $87,500 and the 100 hourly Simple Moving Average. A bullish trend line is forming with support at $87,200, close to the 76.4% Fibonacci retracement level from the recent swing low to high.
On the upside, resistance is near $90,500, with the first key level at $91,200. A clear move above $91,200 may lead to further increases, targeting $93,500 and potentially $95,000. Continued gains could push the price toward $100,000.
More Downsides In BTC?
If Bitcoin does not surpass the $90,500 resistance, a downside correction may begin. Immediate support is near $88,400.
The first major support level is around $87,200 or along the trend line, followed by $85,400. Additional losses could drive the price toward the $82,500 support level.
Technical indicators:
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Above the 80 level.
- Major Support Levels: $88,400 and $87,200.
- Major Resistance Levels: $90,500 and $91,200.