Bitcoin Price Rises Above $92,500 With $94,000 Resistance in Sight

Bitcoin's price is experiencing a fresh increase, currently trading above $92,500. It's consolidating gains and may attempt to break through $93,500.

Bitcoin surged past the $92,500 mark, maintaining above $92,000 and the 100 hourly Simple moving average.
A minor setback occurred with a break below a bullish trend line at $93,000 on the BTC/USD pair chart.
The price formed a high at $94,050 before stabilizing, testing the 23.6% Fib retracement from $83,870 to $94,050.

Resistance and Potential Upside

If bullish momentum continues, immediate resistance is at $92,800, with key resistances at $93,000 and $94,000. Surpassing $94,000 could propel the price toward $95,000, potentially reaching up to $96,450.

Potential Downside

Failure to bypass the $94,000 resistance might lead to another decline. Immediate supports are at $91,650 and $90,500. Further declines could target $88,950 and potentially $87,200.

Technical Indicators:

Hourly MACD: Losing momentum in the bullish zone.
Hourly RSI: Positioned below 50.
Major Support Levels: $91,650, $90,500.
Major Resistance Levels: $93,000, $94,000.

Bitcoin Price