Is Another Rally in Sight?

Bitcoin price extended gains above $90,000. BTC is now consolidating gains near $90,000 and might attempt another increase in the near term.

• Bitcoin extended its increase and traded above the $92,000 zone.
• The price is trading above $87,500 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $87,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to rise if it stays above the $85,400 zone.

Bitcoin Price Sets Another ATH

Bitcoin price started a fresh increase above the $88,000 level. BTC cleared the $90,000 resistance and traded to a new all-time high. It posted a high at $93,435 and is currently consolidating gains.

There was a minor decline below the $91,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $85,302 swing low to the $93,435 high. However, the bulls are active near the $88,500 support zone.

Bitcoin price is now trading above $87,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $87,200 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $85,302 swing low to the $93,435 high.

On the upside, the price could face resistance near the $90,500 level. The first key resistance is near the $91,200 level. A clear move above the $91,200 resistance might send the price higher. The next key resistance could be $93,500. A close above the $93,500 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $100,000 resistance level.

More Downsides In BTC?

If Bitcoin fails to rise above the $90,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $88,400 level.

The first major support is near the $87,200 level or the trend line. The next support is now near the $85,400 zone. Any more losses might send the price toward the $82,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 80 level.

Major Support Levels – $88,400, followed by $87,200.

Major Resistance Levels – $90,500, and $91,200.