Bitcoin Sees Renewed Strength as Market Prepares for Another Surge

Bitcoin's price has begun a fresh surge, moving above $92,000 and is currently testing the significant resistance at $94,000. A potential upside break could be on the horizon.

Key Takeaways:

Bitcoin's price is showing upward momentum above $92,000.
Significant resistance to monitor at $94,000 and $95,000.
A decline could occur if resistance is not broken, with key support levels at $92,000 and $91,200.
Technical indicators reflect bullish sentiment but also highlight potential risks for downward corrections.

Bitcoin Price Regains Strength

Bitcoin has started a new upward movement past the $92,000 mark.
The price remains above $91,500 and the 100-hour simple moving average (SMA).
A bullish trend line is forming, providing support at $92,000 on the hourly BTC/USD chart (data sourced from Kraken).
The price may continue to rise if it holds above the $94,000 level.

Bitcoin's Price Gains Momentum

Bitcoin has successfully remained above the $88,000 threshold and has initiated a steady increase. The cryptocurrency gained enough traction to surpass the $88,800 and $92,000 levels. A significant breakthrough occurred above the $92,500 resistance, reaching a peak at $94,050, where it is now testing an essential resistance level. The current price is still above the 23.6% Fibonacci retracement level from the swing low of $83,870 to the high of $94,050.

Bitcoin is currently trading above $92,500 and the 100-hour SMA. Additionally, a bullish trend line is forming with support positioned at $92,000 on the hourly BTC/USD chart.

Bitcoin Price
Source: BTCUSD on TradingView.com

If bullish momentum persists, Bitcoin could see another increase. The immediate resistance lies at the $94,000 level, with the first significant resistance point at $94,200. A breakthrough above $95,000 could propel the price even higher. Should this occur, the next resistance to watch would be $95,850, and further gains could lead to a target of around $96,500. The bulls might then encounter further barriers at $97,200 and $98,000.

What Happens if BTC Finds Resistance?

Should Bitcoin struggle to surpass the $94,000 resistance zone, a decline could follow. Immediate support stands at the $92,000 level and the trend line. Major support is noted around the $91,200 level.

The next significant support checkpoint is near the $88,850 zone or the 50% Fibonacci retracement level from the recent low of $83,870 to the high of $94,050. Continued losses could drive the price toward the nearby support at $87,500. The primary support level is established at $86,500, which, if broken, could accelerate downward movement in the near term.

Technical Indicators:

Hourly MACD: The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the 50 mark.
Major Support Levels: $92,000, followed by $91,200.
Major Resistance Levels: $94,000 and $95,000.