Bitcoin Price Consolidates Gains Near $90,000 After New All-Time High
Bitcoin price has risen above $88,000 and is currently consolidating near $90,000, with potential for a minor decline.
- Bitcoin traded above the $88,000 mark.
- Price remains above $86,500 and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $85,200 on the hourly chart of the BTC/USD pair (data from Kraken).
- Continued upward movement is possible if it stays above the $85,000 zone.
Bitcoin Price Sets Another ATH
Bitcoin initiated an increase above $85,000, clearing the $86,500 resistance and reaching a new all-time high at $89,852. It is now consolidating gains after a slight dip below $88,500.
The price remains well above the 23.6% Fibonacci retracement level from the $78,555 swing low to the $89,852 high, with support from a bullish trend line at $85,200.
Currently trading above $86,500 and the 100 hourly Simple Moving Average, Bitcoin may face resistance near $88,500, with initial key resistance at $89,200.
A breakthrough above $89,200 could push the price higher, with potential resistance at $90,000. A close above this level might lead to further gains, potentially testing the $92,000 resistance and approaching the $100,000 mark.
Start of Downside Correction In BTC?
If Bitcoin does not surpass the $88,500 resistance, a downside correction may begin. Immediate support is near $87,150.
Major support levels include $84,500 or the trend line and the 50% Fibonacci retracement level from the $78,555 swing low to the $89,852 high. The next support is around $82,000, with further losses possibly leading toward the $80,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above 80.
Major Support Levels – $87,150 and $84,500.
Major Resistance Levels – $88,500 and $90,000.