The Bitcoin price rose above $90,000. BTC is now consolidating gains near $90,000 and could attempt another surge in the near term.
- Bitcoin extended its rise and traded above the $92,000 zone.
- The price is trading above USD 87,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is 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 remains above the $85,400 zone.
Bitcoin price sets another ATH
Bitcoin price started a new increase above the USD 88,000 level. BTC managed to overcome the USD 90,000 resistance and traded to a new all-time high. It hit a high at $93,435 and is currently consolidating gains.
There was a small decline below the $91,500 level. The price fell 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 USD 88,500 support zone.
Bitcoin price is now trading above $87,500 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $87,200 on the hourly chart of the BTC/USD pair. The trendline 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 encounter resistance near the USD 90,500 level. The first major resistance is near the $91,200 level. A clear move above the USD 91,200 resistance could push the price higher. The next major resistance could be at USD 93,500. A close above the resistance at $93,500 could lead to more gains. In the said case, the price could rise and test the USD 95,000 resistance level. Any further gains could send the price towards the $100,000 resistance level.
More disadvantages of BTC?
If Bitcoin fails to rise above the USD 90,500 resistance zone, a downward correction could occur. The immediate downside support is near the $88,400 level.
The first major support is near the $87,200 level or trendline. The next support is now near the $85,400 zone. Any further losses could send the price towards the USD 82,500 support in the short 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 – USD 88,400, followed by USD 87,200.
Major resistance levels – $90,500 and $91,200.
