Bitcoin Price Surges Above $90,000, Eyes $95,000 Resistance

Bitcoin is experiencing a price increase after bouncing from the $78,000 support level. A clear break above $95,000 is needed for further upward movement.

Bitcoin has risen above the $90,000 resistance zone.
The current price is above $92,000 and the 100-hour Simple Moving Average.
A bullish trend line is forming with support at $89,750 on the hourly chart.
If the price drops below $87,000, it may decline further.

Price Movement Overview

Bitcoin price fell below $80,000 but rebounded strongly, reaching as low as $78,011 before increasing over 10%. It surpassed the $90,000 mark and tested the $95,000 resistance level.

Currently, Bitcoin is trading near the 23.6% Fibonacci retracement level of the recent upward move. Immediate resistance is at $94,000, with key resistance at $95,000. The next significant resistance could be at $96,500, potentially leading to tests near $98,500 or $100,000.

Possible Dips in BTC Price

If Bitcoin does not breach the $95,000 resistance, it may face declines. Immediate support is at $92,000, followed by $90,000. Further support levels include $88,500 and $85,500.

Technical indicators show:

MACD gaining momentum in the bullish zone
RSI above the 50 level

Major support levels are $92,000 and $90,000; major resistance levels are $94,000 and $95,000.