Bitcoin Price Rises, But $90K Could Determine the Next Moves

Bitcoin's price has commenced a recovery journey, now trading above $88,000. BTC is gradually moving upwards and could rise further if it surpasses the $89,600 mark.

Key Takeaways

Bitcoin started to recover above the $88,000 level.
The price is currently above $88,500 and the 100-hour simple moving average (SMA).
A rising channel is forming, with resistance identified at $89,600 on the hourly BTC/USD chart (data sourced from Kraken).
Continued upward movement is possible if the price maintains above $89,600 and $90,000.

Bitcoin Price Rises

Bitcoin Starts Its Recovery

Bitcoin has demonstrated resilience as it stays above the $87,000 support level. Recently, BTC established a base and initiated a recovery phase above the $87,500 threshold. The price has climbed past the $88,000 and $88,500 marks, even moving above the 61.8% Fibonacci retracement level from the recent decline, which extended from the $91,098 high to a $86,007 low. The bullish momentum saw the price surpass $89,000.

Currently, Bitcoin is trading above $88,500, along with the 100-hour simple moving average. If BTC can hold this position, it may aim for a further increase. The immediate resistance can be found near the $89,600 level. Additionally, a rising channel is forming in the hourly BTC/USD chart, with resistance also situated at $89,600.

Bitcoin Price Chart

The primary resistance level to watch is $90,000, closely aligned with the 76.4% Fibonacci retracement level of the downward move from the $91,098 peak to the $86,007 trough. A sustained close above this resistance may push Bitcoin’s price even higher, potentially testing the $90,500 resistance level. If gains continue, the price could approach the $91,200 level. Significant hurdles for the bulls might then arise at $92,000 and $92,500.

Could BTC Face Another Rejection?

Should Bitcoin struggle to break through the $89,600 resistance zone, it may enter another downward trend. Immediate support lies around the $88,800 level, with stronger support identified at $88,500.

If selling pressure escalates, the next support to monitor is the $87,600 zone. A further decline might bring the price closer to the $87,200 support in the short term. The main support level is at $86,000; falling below this figure could hinder BTC's recovery prospects in the near future.

Technical Indicators:

Hourly MACD: Currently gaining traction in the bullish territory.
Hourly RSI (Relative Strength Index): Presently above the 50 level.
Major Support Levels: $88,500 and then $87,200.
Major Resistance Levels: $89,600 and $90,000.