Bitcoin Holds Firm as Bulls Challenge Resistance Levels

Bitcoin's price has recently experienced an increase, climbing above $92,500. Currently, BTC is consolidating its gains and may attempt to breach the $93,500 resistance.

Key Takeaways

Bitcoin's price has successfully risen above the $92,500 mark.
The cryptocurrency is now trading above $92,000 and maintains a position above the 100-hourly Simple Moving Average.
A bullish trend line with support at $93,000 has broken down on the hourly chart for the BTC/USD pair.
The price has the potential to continue rising if it settles above the $93,000 barrier.

Bitcoin Pauses

Bitcoin Price Encounters Resistance

Bitcoin's price has remained above the $90,000 level, initiating another increase. The cryptocurrency has gained momentum, surpassing the $90,500 and $91,500 thresholds. A notable move broke above the $93,000 resistance, reaching a peak of $94,050, after which the price is currently consolidating.

A slight retracement occurred to test the 23.6% Fibonacci retracement level from the upward move that began at the swing low of $83,870 and peaked at $94,050. Despite a break below a bullish trend line at the $93,000 support level on the hourly chart, Bitcoin is still trading above $92,000 and the 100-hourly Simple Moving Average.

Bitcoin Price
Source: BTCUSD on TradingView.com

If the bulls maintain their momentum, the price could experience another increase. Immediate resistance can be found near the $92,800 level. The first substantial resistance lies at the $93,000 marker, followed by the next resistance potential at $94,000. Should the price close above $94,000, it may rally higher, potentially reaching the $95,000 resistance level. Further gains could also push the price towards $95,500, with the next major hurdles for bulls positioned at $96,200 and $96,450.

Potential Downside for Bitcoin

Conversely, if Bitcoin does not exceed the $94,000 resistance zone, a decline could begin. Immediate support is around the $91,650 level, with the first significant support layer near $90,500. The next critical support zone is near $88,950, correlating with the 50% Fibonacci level from the upward movement of $83,870 to $94,050. If losses continue, the price may head toward the $87,750 support in the near term. Below this, the main support level stands at $87,200, beneath which Bitcoin could face a more serious decline.

Technical Indicators:

Hourly MACD: The MACD indicator is currently losing momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for the BTC/USD pair has dropped below the 50 level.
Major Support Levels: $91,650 and $90,500.
Major Resistance Levels: $93,000 and $94,000.