The Bitcoin price started a decent rise above $92,000. BTC is now consolidating gains and could target another surge if it clears $93,400.
- Bitcoin started a downward correction from the $94,500 zone.
- The price is trading above $92,000 and the 100 hourly Simple Moving Average.
- A bullish trendline is forming with support at $91,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks above the $93,400 zone.
Bitcoin price holds support
Bitcoin price managed to stay above the $91,000 zone and started a new increase. BTC gained strength for a move above the USD 92,500 and USD 94,000 levels.
However, the bears were active around $94,500. It reached a high at $94,583 and the price recently corrected some gains. There was a decline towards the 50% Fib retracement level of the upward move from the $89,545 swing low to the $94,583 high.
However, the bulls were active near the USD 92,000 support. Bitcoin is now trading below $92,000 and the 100 hourly Simple Moving Average. Furthermore, a bullish trendline is forming with support at $91,500 on the hourly chart of the BTC/USD pair.
If the bulls remain in action, the price may try to rise again. The immediate resistance is near the $92,800 level. The first major resistance is near the $93,200 level. The next resistance could be $94,000. A close above the USD 94,000 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 94,500 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 $96,500.
Lose more in BTC?
If Bitcoin fails to rise above the USD 94,000 resistance zone, it could trigger another decline. Immediate support is approaching the $92,000 level. The first major support is near the $91,500 level and the 61.8% Fib retracement level of the upward move from the $89,545 swing low to the $94,583 high.
The next support is now near the $90,750 zone. Any further losses could send the price towards the $90,000 support in the short term. The key support is at $88,800, 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 92,000, followed by USD 91,500.
Major resistance levels – $93,200 and $94,000.