Bitcoin Price Surges Above $90K as Buyers Regain Control

Bitcoin has recently kicked off a recovery wave, crossing the $90,000 threshold. BTC is currently stabilizing and may soon target a move beyond the $91,500 range.

Key Takeaways

Bitcoin has climbed above the $90,000 mark.
A critical bearish trend line was broken at the $88,000 resistance level.
BTC appears to be consolidating above crucial moving averages, which may pave the way for further upward movement.
If the price settles above $91,500, it could aim for the $92,500 and $93,750 levels.

Bitcoin Drops Again

Bitcoin Price Aims for Continued Gains

The price of Bitcoin has successfully remained above the $86,500 mark, establishing a support base before initiating a recovery above the $88,000 resistance level. Recent trading data shows that the BTC/USD pair has broken through a critical bearish trend line with resistance at $88,000. Following this, Bitcoin surged past the $90,000 level and surpassed the 61.8% Fibonacci retracement point from its downward movement, which started at the $92,872 peak and dropped to $80,595.

Currently, Bitcoin is fluctuating around $90,500 and is positioned above the 100-hourly Simple Moving Average (SMA), as well as the significant 76.4% Fibonacci retracement level.

Bitcoin Price Source: BTCUSD on TradingView.com

Should the bullish momentum continue, Bitcoin might encounter resistance near the $91,500 level, with the first key obstacle set at around $92,000. If the price pushes through this barrier, it may rise towards $92,500, and a close above this level could further propel it to test the $93,750 resistance zone. Additional bullish gains could see Bitcoin reaching $94,500, with potential further resistance at the $95,000 and $95,500 marks.

Could Bitcoin Experience Another Decline?

However, if Bitcoin does not manage to rise above the $92,000 resistance zone, it may enter another decline phase. Immediate support can be found around the $89,750 level, while further significant support rests near the $88,500 mark. The next support level is currently at $88,000. Should the price drop more, it could trend towards the support level at $86,500 in the short term. The crucial support level is at $85,000, where a drop below could result in a more rapid decline.

Technical Indicators:

Hourly MACD: Currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for the BTC/USD pairing is now above the 50 level.

Major Support Levels: $89,750, followed by $88,000.

Major Resistance Levels: $92,000 and $92,500.

With buyers currently asserting control, the outlook for Bitcoin remains optimistic, as traders watch key support and resistance levels closely.