Bitcoin Price Rebound Picks Up Pace With $90K Break in Focus
Analysis
Price Impact
HighBitcoin is at a critical juncture, attempting to break above $90,000. success could lead to significant upside, while failure could trigger another substantial decline.
Trustworthiness
HighThe source emphasizes strict editorial policy, industry expert creation, meticulous review, and high reporting standards, indicating reliable information.
Price Direction
BullishWhile facing resistance at $88,200 and $90,000, bitcoin has started a recovery wave and is trading above the 100-hourly sma. a decisive close above $90,000 could propel it towards $91,750 and even $94,000, supported by bullish macd and rsi indicators. however, failure to breach $90,000 could lead to a drop to $86,200 or lower.
Time Effect
ShortThe analysis is based on hourly charts and uses terms like 'soon aim for', 'might continue to move up', and 'in the near term', indicating a focus on immediate price movements.
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Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a recovery wave above $88,000. BTC is now consolidating and might soon aim for a move above the $90,000 zone. Bitcoin started a recovery wave and climbed toward $89,000. The price is trading above $87,000 and the 100 hourly Simple moving average. There is a bearish trend line forming with resistance at $88,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it settles above the $90,000 zone. Bitcoin Price Eyes Upside Break Bitcoin price managed to stay above the $83,500 level. BTC formed a base and recently started a recovery wave above the $85,500 resistance zone. There was a move above the $86,000 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $92,872 swing high to the $80,595 low. However, the bears are currently preventing an upside break above the $90,000 zone. Besides, there is a bearish trend line forming with resistance at $88,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $87,000 and the 100 hourly Simple moving average. If the bulls attempt another recovery wave, the price could face resistance near the $88,200 level. The first key resistance is near the $89,000 level. The next resistance could be $90,000 or the 76.4% Fib retracement level of the downward move from the $92,872 swing high to the $80,595 low. Source: BTCUSD on TradingView.com A close above the $90,000 resistance might send the price further higher. In the stated case, the price could rise and test the $91,750 resistance. Any more gains might send the price toward the $92,500 level. The next barrier for the bulls could be $93,500 and $94,000. Another Drop In BTC? If Bitcoin fails to rise above the $90,000 resistance zone, it could start another decline. Immediate support is near the $86,700 level. The first major support is near the $86,200 level. The next support is now near the $85,000 zone. Any more losses might send the price toward the $83,500 support in the near term. The main support sits at $82,000, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $86,200, followed by $85,000. Major Resistance Levels – $89,000 and $90,000.