Bitcoin Price Consolidates Gains Near $90,000 With Potential Upside
Bitcoin price is consolidating gains near the $90,000 zone. BTC shows positive signs and may aim for an increase above $92,000.
- Bitcoin has increased above the $90,000 zone.
- The price trades above $90,000 and the 100 hourly Simple Moving Average.
- A key bullish trend line forms with support at $89,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain momentum if it surpasses the $92,600 resistance zone.
Bitcoin Price Aims for Another ATH
Bitcoin price experienced a short-term downside correction below $90,000, trading below $88,000 before finding support.
A low formed at $86,621, and the price is now recovering. It moved above $90,000, reaching a high of $92,607, and is currently consolidating near the 23.6% Fib retracement level of the upward move from $86,621 to $92,607.
Bitcoin trades above $90,000 and the 100 hourly Simple Moving Average. A bullish trend line with support at $89,600 is close to the 50% Fib retracement level of the same upward move.
On the upside, resistance may occur near the $92,000 level. The first key resistance is around $92,500. A clear move above this level could push the price higher, with the next key resistance at $93,200.
A close above $93,200 may initiate further gains, potentially testing the $95,000 resistance level. Additional gains could lead the price toward $98,000.
Potential Drop in BTC?
If Bitcoin does not rise above the $92,000 resistance zone, a downside correction may begin. Immediate support is near $90,000.
The first major support is near $89,650, followed by $88,000. Further losses could push the price toward the $86,500 support level.
Technical indicators:
Hourly MACD – The MACD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $89,650, followed by $88,000.
Major Resistance Levels – $92,000 and $92,500.