Bitcoin Price Surges Above $92,000, Eyes $95,000 Resistance
Bitcoin price is rising steadily above the $92,000 zone. BTC shows positive signs and may continue to rise above the $95,000 level.
- Bitcoin started a fresh increase above the $92,000 zone.
- The price is trading above $92,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trend line is forming with support at $93,800 on the hourly chart of the BTC/USD pair.
- The pair could continue to rise if it clears the $95,000 resistance zone.
Bitcoin Price Sets Another ATH
Bitcoin price remained supported above the $91,000 level. BTC formed a base and started an increase above the $92,000 level, clearing the $94,000 level and reaching a new high at $94,980 before a pullback.
The price dipped below the $94,200 level and the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. However, it remains stable and consolidating near the $94,200 level.
Bitcoin price is now trading above $93,000 and the 100 hourly Simple Moving Average. A bullish trend line is forming with support at $93,800.
On the upside, resistance is noted near the $94,800 level, with the first key resistance at $95,000. A clear move above this level might lead to further increases, targeting $98,000 next.
A close above the $98,000 resistance might initiate more gains, potentially testing the $100,000 resistance level. Further gains could push the price toward the $102,000 resistance level.
Another Downside Correction In BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, a downside correction may occur. Immediate support is near the $93,700 level.
The first major support is at $92,800 or the 61.8% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. Additional support is near the $91,500 zone, with further losses potentially leading to the $90,000 support in the near term.
Technical indicators:
- Hourly MACD: Gaining pace in the bullish zone.
- Hourly RSI (Relative Strength Index): Above the 50 level.
- Major Support Levels: $93,800, followed by $92,800.
- Major Resistance Levels: $94,800 and $95,000.