Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price extended gains above $90,000. BTC is now consolidating gains near $90,000 and might attempt another increase in the near term.
- Bitcoin extended its increase and traded above the $92,000 zone.
- The price is trading above $87,500 and the 100 hourly Simple moving average.
- There is a key bullish trend line 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 stays above the $85,400 zone.
Bitcoin Price Sets Another ATH
Bitcoin price started a fresh increase above the $88,000 level. BTC cleared the $90,000 resistance and traded to a new all-time high. It posted a high at $93,435 and is currently consolidating gains.
There was a minor decline below the $91,500 level. The price dipped 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 $88,500 support zone.
Bitcoin price is now trading above $87,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $87,200 on the hourly chart of the BTC/USD pair. The trend line 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 face resistance near the $90,500 level. The first key resistance is near the $91,200 level. A clear move above the $91,200 resistance might send the price higher. The next key resistance could be $93,500. A close above the $93,500 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $100,000 resistance level.
More Downsides In BTC?
If Bitcoin fails to rise above the $90,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $88,400 level.
The first major support is near the $87,200 level or the trend line. The next support is now near the $85,400 zone. Any more losses might send the price toward the $82,500 support 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 80 level.
Major Support Levels – $88,400, followed by $87,200.
Major Resistance Levels – $90,500, and $91,200.
