NewsBTC
16 hour ago
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Bitcoin Targets $92,000 Amid Consolidation Above $87,500

Bitcoin Price Consolidation:

  • Bitcoin's price began a recovery above $87,500 and is trading above this level and the 100-hourly Simple Moving Average.
  • A bullish trend line is forming with support at $87,900 on the hourly BTC/USD chart.
  • The price might continue rising if it settles above $89,100.

Potential for Further Gains

  • Bitcoin surpassed resistance at $88,800, reaching a high of $90,552 before consolidating.
  • It dipped slightly below $89,000 but remains above $87,800.
  • If stable, Bitcoin could face resistance at $89,100, then $89,500, and potentially $90,500.
  • A close above $90,500 may lead to testing $92,000, with further gains up to $93,500 possible.

Bitcoin Price

Potential Decline Risks

  • If Bitcoin falls below $89,500, it may decline again.
  • Initial support levels are near $88,000 and the trend line at $87,500.
  • Further support lies at $86,750 and $85,450, with major support at $84,500.

Technical Indicators:

  • Hourly MACD is losing momentum in the bullish zone.
  • Hourly RSI for BTC/USD is below 50.
  • Major Support Levels: $88,000, $87,500.
  • Major Resistance Levels: $89,500, $90,500.