Bitcoin Price Consolidates Gains Above $91,000, Eyes Resistance at $94,000
Bitcoin price is consolidating near the $91,000 zone and may target gains above $94,000.
- Bitcoin increased above $91,000.
- Price trades above $91,000 and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $90,800 on the BTC/USD hourly chart (data from Kraken).
- The pair could gain momentum if it surpasses the $93,200 resistance.
Bitcoin Price Could Rally Again
Bitcoin remains supported above $90,000, forming a base before increasing past $91,000. It reached a high of $94,000 before pulling back.
The price dipped below $93,000 and the 23.6% Fibonacci retracement level of the upward move from $89,400 to $94,000 but is stabilizing around $92,000.
Currently, Bitcoin is trading above $91,000 and the 100 hourly Simple Moving Average. The bullish trend line near $90,800 aligns with the 61.8% Fibonacci retracement of the previous upward movement.
Resistance levels include $92,600 and $93,200. A clear break above $93,200 could lead to further increases, potentially testing $94,000.
A close above $94,000 might trigger additional gains, possibly reaching the $98,000 resistance level, with potential for $100,000 thereafter.
Another Pullback In BTC?
If Bitcoin does not exceed the $94,000 resistance, a downside correction could occur. Immediate support is near $91,700.
Major support levels are at $90,700 and $89,500. Further losses could push the price toward $87,500.
Technical indicators:
Hourly MACD – Losing momentum in the bearish zone.
Hourly RSI – Above the 50 level.
Major Support Levels – $91,700 and $90,700.
Major Resistance Levels – $92,600 and $94,000.