Bitcoin Sets Its Sights Higher as Bulls Reclaim Momentum

Bitcoin has kicked off a fresh upward movement, surpassing the $90,500 mark. Currently, BTC is consolidating its gains and may be poised to break through the $91,650 resistance level.

Key Takeaways

Bitcoin has commenced a new surge above $90,500.
The cryptocurrency is trading over $91,000, maintaining above the 100-hourly Simple Moving Average.
A significant bearish trend line was breached at the $90,000 resistance on the BTC/USD hourly chart (data sourced from Kraken).
The pair is likely to continue rising if it stabilizes above the $91,650 mark.

Bitcoin Aims Higher

Analyzing Bitcoin's Current Price Trajectory

Bitcoin’s price successfully held above the $90,500 range and has initiated a fresh climb. BTC has gained enough momentum to break through the $91,500 and $92,500 levels. A significant break above the $93,000 resistance marked a peak at $94,050, though there has been a recent correction from these highs. The price has dipped below the 50% Fibonacci retracement level of the upward move that started from $83,871 to $94,050.

Despite this correction, bullish activity has been evident around the $87,800 support level, aligning with the 61.8% Fibonacci retracement of the recent upward trend. The price is now rising again, crossing above the $90,000 threshold.

Bitcoin Price
Source: BTCUSD on TradingView.com

If the bulls continue to dominate the market, Bitcoin could aim for further gains. The immediate resistance level stands at $91,650, followed by a significant hurdle at $92,000. A close above $93,000 could pave the way for additional increases, potentially pushing the price toward the $95,000 resistance, with targets stretching to $95,500. The next barriers for bullish investors could be at $96,200 and $96,450.

Potential for a Price Decline

On the other hand, if Bitcoin cannot surpass the $91,650 resistance, it may face another downward movement. Immediate support is located at $90,000, with the next key support level at $89,500. Should the decline continue, the price may test the $87,800 support zone, followed by potential losses toward $87,250 in the near term. The primary support level to watch is at $86,500, as falling below this threshold could accelerate further declines.

Technical Indicators

Hourly MACD: The MACD is gaining traction in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently positioned above the 50 mark.
Major Support Levels: $90,000 and $89,500.
Major Resistance Levels: $91,650 and $92,000.

In summary, Bitcoin’s current trends present both opportunities for upward movement and risks of declines, making it a crucial time for traders to monitor these key levels.