The price of Bitcoin has started a consolidation phase below USD 92,000. BTC is holding support at $89,500 and could try to start a new rally.
- Bitcoin started a wave of recovery above $90,000 and $90,500.
- The price is moving above $91,000 and the 100-hour simple moving average.
- An uptrend line is forming with support at $90,650 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could continue to rise if it stays above the $90,000 zone.
The price of bitcoin remains in a certain range
Bitcoin price managed to stay above the $89,500 support and started a minor wave of recovery. BTC managed to settle above $90,000 and $90,500.
The bulls managed to push the price above $91,500 and the 23.6% Fib retracement level moved down from $93,770 to a low of $89,225. However, the price seems to be facing a major hurdle near the $92,000 level.
The Fib retracement level of the 50% downside move from $93,770 to the $89,225 low is acting as resistance. Additionally, a bullish trend line is forming with support at $90,650 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $91,000 and the 100-hour simple moving average. If the price holds steady above $90,500, it could attempt another rally. Current resistance is near the $92,000 level. The first key resistance is near the $92,800 level.
The next resistance could be $93,450. A close above the $93,450 resistance could further push the price higher. In the said case, the price could rise and test the $94,000 resistance. Any further gains could send the price towards the $94,500 level. The next hurdle for the bulls could be $95,000 and $95,500.
Another BTC crash?
If Bitcoin fails to rise above the $92,000 resistance zone, another downtrend could begin. Current support is near the $91,000 level. The first major support is near the $90,650 level and the trend line.
The next support is now near the $90,000 zone. Any further losses could send the price towards the $89,500 support in the near term. Major support is at $89,250, below which BTC could accelerate lower in the near future.
Technical indicators:
Hourly MACD – MACD is now losing ground in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now near the 50 level.
Major support levels – $91,000 and then $90,650.
Major resistance levels – $92,000 and $92,800.
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