Bitcoin Price Rises Above $90,000 After Recovery from $82,000 Support
Bitcoin Price Recovery Update
- Bitcoin began an upward movement from the $82,000 zone.
- Currently trading above $90,000 and the 100 hourly Simple Moving Average.
- Breakthrough of a bearish trend line at $90,000 noted on the BTC/USD pair chart.
- Resistance at $95,000 may hinder further gains.
Price Movement Details
After declining below $92,000 and testing support at $82,000, Bitcoin formed a low at $81,434. Recovery followed with the price surpassing $85,000 and $88,000 resistance levels. The 50% Fib retracement was also crossed.
Immediate resistance is near $91,800 (76.4% Fib level). Key resistances are at $92,500 and $93,500. A close above $93,500 could lead to further increases toward $95,000, and potentially up to $96,200 or $98,000.
Potential Decline Risks
If Bitcoin does not breach the $92,000 resistance, a decline may occur. Immediate support is at $88,000, with major supports at $86,200 and $85,000. Further losses could see prices approach $82,000, with significant support at $80,000.
Technical indicators show:
- MACD gaining momentum in the bullish zone.
- RSI for BTC/USD above the 50 level.
Support levels: $88,000, $85,000. Resistance levels: $92,000, $93,500.