Bitcoin Price Recovers Above $88,000 After Short-Term Correction
Bitcoin price experienced a short-term correction below $90,000 but is now increasing, with potential movement above $94,000.
- Bitcoin began an increase from the $86,600 zone.
- The price is trading above $88,000 and the 100 hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $91,000 on the BTC/USD hourly chart (data from Kraken).
- The pair may gain momentum if it surpasses the $91,000 resistance.
Bitcoin Price Aims Higher
Bitcoin price underwent a downside correction below $90,000, trading as low as $86,622 before recovering. The price has since risen above $90,000, reaching a high of $91,839 and is currently consolidating, testing the 50% Fibonacci retracement level from the swing low of $86,621 to the high of $91,839.
Currently trading above $88,000 and the 100 hourly Simple Moving Average, Bitcoin faces resistance near $91,000. The first key resistance is around $91,850. A clear breakout above this level could push the price higher, with the next significant resistance at $92,500.
A close above $92,500 may lead to further gains, potentially testing the resistance level of $93,450, with additional upward movement possible toward $95,000.
Potential Decline in BTC
If Bitcoin does not break through the $91,000 resistance, it might enter a downward correction. Immediate support is located near $89,250, with major support at $87,850, corresponding to the 76.4% Fibonacci retracement level from the previous upward move. Further losses could see the price drop to the $86,620 zone or as low as $83,500.
Technical indicators:
- Hourly MACD: Losing pace in the bearish zone.
- Hourly RSI: Above the 50 level.
- Major Support Levels: $89,250 and $87,850.
- Major Resistance Levels: $91,000 and $92,500.