Bitcoin Price Stays Steady—Is a New Bullish Trend About to Begin?

Bitcoin's price has remained above the key $90,000 support level. Currently, BTC is showing an upward trend and could soon attempt to break above the $94,000 resistance barrier.

Key Takeaways

Bitcoin remains above the key support level of $90,000 and shows potential for a bullish breakout.
Resistance levels to watch are at $93,000 and $94,000 with possible targets of $94,750 and $95,000.
If Bitcoin fails to break resistance, a decline may occur with support around $92,000, $91,200, and $90,000.
Technical indicators suggest potential bullish momentum, but caution is advised in case of downward movement.

Bitcoin Price Holds Firm

Bitcoin experienced a downward correction from the $94,500 range.
The price is currently trading above $92,000 and the 100-hour Simple Moving Average (SMA).
A bearish trend line is forming, with resistance at $92,950 on the hourly chart of the BTC/USD pair (data from Kraken).
If the price stabilizes above the $93,500 level, it may continue to rise.

Bitcoin's Price Seeks Higher Ground

Bitcoin has struggled to gain momentum to break past the $94,000 and $94,500 levels. Following this, BTC began a downward correction, dropping below the crucial $92,500 support threshold.

During this correction, the price moved below the 50% Fibonacci retracement level, which was calculated from the upward swing that started at $87,776 and peaked at $94,582. It even dipped below the $90,000 support. However, buying interest was noticeable near the $89,500 level, where bulls managed to uphold the price above the 76.4% Fibonacci retracement level of the previous upward movement.

Currently, Bitcoin is trading above $92,000 and the 100-hour Simple Moving Average. If buying pressure remains strong, there’s potential for another price increase. The immediate resistance is located around the $93,000 mark. Additionally, a bearish trend line is taking shape, with resistance at $92,950 on the hourly BTC/USD chart.

The primary resistance level to watch is around $93,500. If Bitcoin manages to close above $94,000, it could bolster the price significantly, possibly allowing it to test the $94,750 resistance. Further gains may lead it toward the $95,000 level, with next resistance levels at $96,000 and $96,500.

Bitcoin Price Chart
Source: BTCUSD on TradingView.com

Potential for Another Decline in BTC?

If Bitcoin fails to break through the $93,000 resistance, a new decline could follow. The immediate support lies around $92,000, with the first major support point near $91,200.

Should the price continue to decline, the next support level is around $90,000. Any further losses could push the price down to the $89,500 support in the short term. The main support level to monitor is at $88,000; if breached, Bitcoin could see further declines in the near future.

Technical Indicators

Hourly MACD – The MACD is showing increasing momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD stands above the 50 mark.

Key Support and Resistance Levels

Major Support Levels – $91,200, followed by $90,000.
Major Resistance Levels – $93,000 and $94,000.