Bitcoin price started a new rise above $90,500. BTC is now consolidating gains and could attempt an upside break above $91,650.
- Bitcoin started a new rise 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 trendline with resistance at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks above the $91,650 zone.
Bitcoin price faces resistance
Bitcoin price managed to stay above the $90,500 zone and started a new increase. BTC gained strength for a move above the USD 91,500 and USD 92,500 levels.
There was a clear move above the USD 93,000 resistance. It reached a high at $94,050 and the price recently corrected some gains. There was a decline 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 rises above $90,000 again.
There was a break above a key bearish trendline 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 may try to rise again. Immediate resistance is near the $91,650 level. The first major resistance is near the $92,000 level. The next resistance could be $93,000. A close above the USD 93,000 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 95,000 resistance. Any further gains could send the price towards the USD 95,500 level. The next threshold for the bulls could be $96,200 and $96,450.
Another drop in BTC?
If Bitcoin fails to rise above the USD 91,650 resistance zone, it could trigger another decline. Immediate support is approaching 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 further losses could send the price towards the USD 87,250 support in the near term. The key support is at $86,500, below which BTC could potentially accelerate lower in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 90,000, followed by USD 89,500.
Major resistance levels – $91,650 and $92,000.