Bitcoin Price Remains Above Support, Poised for a Major Movement

Bitcoin has entered a consolidation phase below $92,000, maintaining support at $89,500 and possibly gearing up for upward momentum.

Key Takeaways

Bitcoin is attempting to recover, trading above $90,000 and $90,500.
The price is currently above $91,000 and the 100-hour Simple Moving Average.
A bullish trend line is developing with support around $90,650 on the hourly BTC/USD chart.
If Bitcoin stays above the $90,000 threshold, it may continue its upward trajectory.

Bitcoin Price Remains Above Support

Bitcoin Price in a Consolidation Phase

Bitcoin's price has successfully remained above the $89,500 support level and has initiated a minor recovery. The cryptocurrency has settled above both $90,000 and $90,500, as bullish sentiment drove the price above $91,500. This point also marks the 23.6% Fibonacci retracement of the decline from the $93,770 swing high to the low of $89,225.

However, Bitcoin now faces significant resistance near the $92,000 mark. The 50% Fibonacci retracement level from the previous high to low is acting as a key barrier, making it more challenging for the price to advance. Additionally, the development of a bullish trend line suggests support at the $90,650 level on the hourly BTC/USD chart.

Currently, Bitcoin is trading above $91,000 and has crossed above the 100-hour Simple Moving Average. If it remains steady above $90,500, there is a possibility of further increases. Immediate resistance is situated at the $92,000 level, with the first significant resistance at $92,800.

Bitcoin Price Source: BTCUSD on TradingView.com

The next potential resistance level could be $93,450. A successful close above this threshold might push the price higher, potentially testing the $94,000 resistance. Further gains could lead the price toward the $94,500 level, while the bulls may encounter new resistance around $95,000 and $95,500.

Is Another Drop Possible for Bitcoin?

If Bitcoin cannot breach the $92,000 resistance zone, it may begin to decline again. Immediate support is located near the $91,000 mark, with the first major support around $90,650, where the trend line is positioned.

The next support level is near the $90,000 zone. Should losses continue, the price may head toward the $89,500 support level in the short term. The primary support level is at $89,250; falling below this could accelerate further declines in the near future.

Technical Indicators:

Hourly MACD: The MACD is losing momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently near the 50 level.
Major Support Levels: $91,000, followed by $90,650.
Major Resistance Levels: $92,000 and $92,800.

By keeping a close eye on these levels, traders can gauge Bitcoin's potential next moves in the market.