Bitcoin price started a new increase above $92,000. BTC is now showing bullish signs but could struggle to break the USD 95,000 resistance zone.
- Bitcoin started a new rise above the $92,200 zone.
- The price is trading above USD 92,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $92,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it remains above the $92,000 zone.
Bitcoin price reaches major resistance
Bitcoin price remained above the $91,200 zone and started a new increase. BTC gained pace for a move above the USD 92,000 and USD 92,200 resistance levels.
It even surpassed $94,000. A new multi-week high was reached at $94,783 and the price is now consolidating gains. There was a small decline below the 23.6% Fib retracement level from the recent upward move from the $90,805 swing low to the $94,783 high.
Bitcoin is now trading above $92,500 and the 100 hourly Simple Moving Average. Furthermore, a major bullish trendline is forming with support at $92,650 on the hourly chart of the BTC/USD pair.
If the price remains stable above $92,500, another increase could be attempted. The immediate resistance is near the $94,200 level. The first major resistance is near the $94,500 level. The next resistance could be $95,000. A close above the USD 95,000 resistance could send the price rising further.
In the mentioned case, the price could rise and test the USD 95,800 resistance. Any further gains could send the price towards the USD 96,500 level. The next barrier for the bulls could be $97,000 and $97,200.
Downward correction in BTC?
If Bitcoin fails to rise above the USD 94,500 resistance zone, it could trigger another decline. The immediate support is near the USD 93,200 level. The first major support is near the $92,800 level or the 50% Fib retracement level of the recent upward move from the $90,805 swing low to the $94,783 high.
The next support is now near the $92,500 zone. Any further losses could send the price towards the USD 91,200 support in the short term. The key support is at $90,000, below which BTC could potentially accelerate lower 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 50 level.
Major support levels – USD 92,800, followed by USD 92,500.
Major resistance levels – $94,500 and $95,000.