Bitcoin Price Hits New Heights, $95K Resistance Emerges Ahead

Bitcoin has embarked on a new surge above the $92,000 mark. The cryptocurrency is displaying bullish momentum but may find it challenging to overcome the $95,000 resistance level.

Key Takeaways

Bitcoin has initiated a fresh upward trend, climbing above $92,200.
The current trading price is above $92,500 and surpasses the 100 hourly Simple Moving Average.
A significant bullish trend line is taking shape, with support around $92,650 on the hourly chart of the BTC/USD pair (data sourced from Kraken).
If Bitcoin stays above $92,000, it could potentially rise further.

Bitcoin Price Extends Surge

Bitcoin Price Encounters Significant Resistance

Bitcoin has firmly established support above the $91,200 level and has recently started a new ascent. This led to significant gains as the price moved past the $92,000 and $92,200 resistance barriers, eventually exceeding $94,000. A fresh multi-week peak was achieved at $94,783, after which the price began to consolidate its gains. A slight decline occurred below the 23.6% Fibonacci retracement level from the latest upward movement starting at the swing low of $90,805 to the peak of $94,783.

Bitcoin is currently trading above the $92,500 mark, supported by the 100 hourly Simple Moving Average. Additionally, a key bullish trend line is forming with support located at $92,650 on the hourly BTC/USD chart. Should the price remain stable above $92,500, it could initiate another upward movement. Immediate resistance is found near the $94,200 level, while the first key resistance level lies at $94,500. Notably, if Bitcoin closes above the $95,000 resistance, it may propel the price even higher.

Bitcoin Price Movement
Source: BTCUSD on TradingView.com

In this scenario, Bitcoin could rise to test the $95,800 resistance. Further gains might lead the price toward the $96,500 mark, with subsequent resistance levels at $97,000 and $97,200.

Potential Downside for Bitcoin

Should Bitcoin fail to break above the $94,500 resistance area, it may face a decline. Immediate support can be found around $93,200, while significant support is noted at $92,800, which aligns with the 50% Fibonacci retracement level from the recent price surge starting at $90,805 and moving to $94,783. Additional support is now located near the $92,500 zone. Should losses continue, the price may drop toward the $91,200 support level in the short term. Ultimately, the main support area lies at $90,000; falling below this level might lead Bitcoin to drop significantly.

Technical Indicators:

Hourly MACD: The MACD is beginning to slow down in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 mark.

Major Support Levels: $92,800, followed closely by $92,500.
Major Resistance Levels: $94,500 and $95,000.