Bitcoin price started a fresh increase above $90,500. BTC is now consolidating gains and might attempt an upside break above $91,650.
- Bitcoin started a fresh increase above the $90,500 zone.
- The price is trading above $91,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move up if it settles above the $91,650 zone.
Bitcoin Price Faces Resistance
Bitcoin price managed to stay above the $90,500 zone and started a fresh increase. BTC gained strength for a move above the $91,500 and $92,500 levels.
There was a clear move above the $93,000 resistance. A high was formed at $94,050 and the price recently corrected some gains. There was a drop below the 50% Fib retracement level of the upward move from the $83,871 swing low to the $94,050 high.
However, the bulls were active near the $87,800 support and the 61.8% Fib retracement level of the upward move from the $83,871 swing low to the $94,050 high. The price is again rising above $90,000.
There was a break above a key bearish trend line with resistance at $90,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $91,000 and the 100 hourly Simple moving average.
If the bulls remain in action, the price could attempt another increase. Immediate resistance is near the $91,650 level. The first key resistance is near the $92,000 level. The next resistance could be $93,000. A close above the $93,000 resistance might send the price further higher. In the stated case, the price could rise and test the $95,000 resistance. Any more gains might send the price toward the $95,500 level. The next barrier for the bulls could be $96,200 and $96,450.
Another Decline In BTC?
If Bitcoin fails to rise above the $91,650 resistance zone, it could start another decline. Immediate support is near the $90,000 level. The first major support is near the $89,500 level.
The next support is now near the $87,800 zone. Any more losses might send the price toward the $87,250 support in the near term. The main support sits at $86,500, below which BTC might accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $90,000, followed by $89,500.
Major Resistance Levels – $91,650 and $92,000.
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