Bitcoin Price Surges Over 10% Above $92,500 Resistance Zone
Bitcoin Price Update
- Bitcoin is trading above $92,500 and may continue past $94,000.
- Support found at $88,000 initiated a rise, with current trading above $90,500 and the 100-hour SMA.
- A bullish trend line on the hourly chart has support at $90,150.
- Recent gains include breaking above $88,000 and $90,000, reaching a high near $93,888.
- Consolidation is occurring above the 23.6% Fib retracement level from $86,400 to $93,888.
Resistance Levels
- Immediate resistance is near $93,500.
- Key resistance levels are at $94,000 and $95,000.
- A close above $96,500 could lead to testing $97,500, with potential gains towards $98,000.
Potential Downside Risks
- If unable to surpass $94,000, Bitcoin may correct downwards.
- Immediate support levels are at $92,000 and $91,500.
- Further declines could target $90,150 and $88,800, with main support at $87,500.
Technical indicators show bullish momentum: MACD gaining pace in the bullish zone and RSI above 50.