Bitcoin price is moving higher above the $92,500 zone. BTC is gaining pace and might continue higher above the $94,000 zone in the near term.
- Bitcoin found support at $88,000 and started a decent upward move.
- The price is trading above $90,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $90,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $94,000 zone.
Bitcoin Price Gains Over 10%
Bitcoin price remained stable above the $85,000 level and started a fresh increase. BTC was able to climb above the $88,000 and $90,000 resistance levels.
The bulls were able to pump the price above the $92,000 resistance. It even spiked and tested the $94,000 resistance zone. A high is formed near $93,888 and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $86,400 swing low to the $93,888 high.
Bitcoin price is now trading above $91,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $90,150 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $93,500 level. The first key resistance is near the $94,000 level. The next key resistance could be $95,000. A close above the $96,500 resistance might send the price further higher. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $94,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $92,000 level. The first major support is near the $91,500 level.
The next support is now near the $90,150 zone, the trend line, and the 50% Fib retracement level of the upward move from the $86,400 swing low to the $93,888 high. Any more losses might send the price toward the $88,800 support in the near term. The main support sits at $87,500.
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 – $92,000, followed by $90,150.
Major Resistance Levels – $94,000 and $95,000.
