Bitcoin Surges Towards Key Resistance Level, Traders Await Breakout Confirmation

Summary: Bitcoin has recently experienced a robust increase, surpassing the $90,000 mark. Currently, the cryptocurrency is testing a vital resistance barrier at $93,000, with potential for a breakout. Traders are keenly observing for confirmations to determine the future price trajectory.

Key Takeaways

Bitcoin has begun a new upward trend, exceeding the $90,000 range.
The price currently sits above $90,500 and the 100-hour Simple Moving Average.
There’s a bullish trend line visible, with support located at $90,800 per hour chart data from the BTC/USD pair (Kraken).
The price may continue to rise if it stays above the critical $93,000 level.

Bitcoin Price Gains Steam

Bitcoin's Price Sees an Increase of Over 5%

Bitcoin's price has successfully remained above the $84,000 mark and has entered a fresh rally. The cryptocurrency gained momentum, breaking through the $88,000 and $90,000 thresholds. A significant increase was noted as it surpassed the $90,500 resistance. A peak was recorded at $92,912 and the price is currently testing a crucial resistance barrier. Importantly, it remains above the 23.6% Fibonacci retracement level from the earlier upward movement that began at the $83,870 swing low to the $92,912 high.

Currently, Bitcoin is trading above $92,000 and maintains a position above the 100-hour Simple Moving Average. Additionally, a bullish trend line is forming with support at $90,800, as shown in the hourly chart for the BTC/USD pair.

Bitcoin Price
Source: BTCUSD on TradingView.com

If bullish momentum continues, Bitcoin could make another significant move upward. The immediate resistance level is close to $92,900, while the first major resistance stands at $93,000. Should Bitcoin break above $93,500, it could see further increases, aiming for the $95,000 area. If gains continue, the price may test the $96,500 mark, with potential resistance levels identified at $97,200 and $98,000.

What If Bitcoin Prices Decline?

Conversely, if Bitcoin struggles to maintain momentum above the $93,000 resistance, it might initiate a downward trend. Immediate support is located near the $90,800 level, coinciding with the trend line. The first major support level is at approximately $88,400, represented by the 50% Fibonacci retracement level from the upward movement initiated at the $83,870 swing low to the $92,912 high.

Further support can be found around the $87,350 zone. Any additional losses could push the price toward the nearby $86,000 support in the short term. The primary support level is at $84,000; dropping below this point could accelerate a decline in Bitcoin's price.

Technical Indicators

Hourly MACD: The MACD has shown bullish momentum recently.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the level of 50.

Major Support Levels

$90,800 followed by $88,400.

Major Resistance Levels

$93,000 and $93,500.