Bitcoin price experienced a brief setback, slipping below the $90,000 mark. However, the cryptocurrency is exhibiting signs of recovery, with bulls potentially gearing up for a push beyond the $94,000 threshold.
- Bitcoin initiated a resurgence from the $86,600 region.
- The price is maintaining a position above $88,000, surpassing the 100 hourly Simple Moving Average.
- An emerging bearish trend line is visible on the hourly BTC/USD chart, showing resistance at $91,000 (data sourced from Kraken).
- A breakthrough past the $91,000 resistance zone could spark a renewed bullish momentum.
Bitcoin Price Aims Higher
The Bitcoin market saw a short-lived downturn, dipping below the $90,000 benchmark. This decline extended below the $88,000 level, where the bulls eventually re-emerged. The cryptocurrency reached a low of $86,622 before embarking on a recovery journey. It successfully climbed above the $90,000 mark, reaching a peak at $91,839, where it presently consolidates. The price retraced to test the 50% Fibonacci retracement level, calculated from the $86,621 swing low to the $91,839 high.
Currently, Bitcoin’s price is trading above $88,000, staying above the 100 hourly Simple Moving Average. On the upside, resistance is anticipated around the $91,000 mark. The hourly chart of the BTC/USD pair reveals a bearish trend line, indicating resistance at this level. The initial significant resistance is pegged at approximately $91,850. A decisive move beyond this could propel the price higher, with subsequent resistance anticipated around $92,500.
A successful breach of the $92,500 resistance could pave the way for further gains. In such a scenario, Bitcoin’s price might venture toward the $93,450 resistance level, with potential to aim for the $95,000 mark.
Potential for Another Decline in BTC?
If Bitcoin encounters challenges in surpassing the $91,000 resistance zone, it might undergo another downward correction. Immediate support on this decline is situated near the $89,250 level. The initial major support lies around the $87,850 mark, corresponding to the 76.4% Fibonacci retracement level of the upward trajectory from the $86,621 low to the $91,839 high. Additional support can be found near the $86,620 zone. Any further declines could drive the price toward the $83,500 support level in the short term.
Technical Indicators
- Hourly MACD: The MACD is currently losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is positioned above the 50 level, indicating a potential bullish stance.
- Major Support Levels: $89,250, followed by $87,850.
- Major Resistance Levels: $91,000, and $92,500.
In conclusion, Bitcoin’s price is navigating a landscape of potential recovery and resistance. The cryptocurrency community is keenly observing these critical levels as they could determine the next significant move in Bitcoin’s market trajectory.
