Bitcoin Price Powers Over $90K as Buyers Suddenly Regain Control of the Trend
Analysis
Price Impact
HighBitcoin has powered over the $90,000 mark and broken a key bearish trend line, indicating a significant shift in market sentiment and potential for further upward movement if it consolidates above $91,500. a failure to break $92,000 could lead to a sharp decline.
Trustworthiness
HighThe source explicitly states a 'strict editorial policy that focuses on accuracy, relevance, and impartiality,' 'created by industry experts and meticulously reviewed,' and adheres to 'the highest standards in reporting and publishing.'
Price Direction
BullishBtc has initiated a recovery wave above $90,000, trading above the 100 hourly simple moving average, and broken a key bearish trend line. both hourly macd and rsi are in bullish zones, supporting further gains towards $92,000 and potentially $95,000 if key resistances are cleared.
Time Effect
ShortThe analysis is based on hourly charts and discusses 'near term' movements, indicating a focus on immediate price action and short-term trends.
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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 $90,000. BTC is now consolidating and might soon aim for a move above the $91,500 zone. Bitcoin started a recovery wave and climbed toward $92,000. The price is trading above $90,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $88,000 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 $91,500 zone. Bitcoin Price Eyes Steady Gains Bitcoin price managed to stay above the $86,500 level. BTC formed a base and recently started a recovery wave above the $88,000 resistance zone . There was a break above a key bearish trend line with resistance at $88,000 on the hourly chart of the BTC/USD pair. The pair surged above the $90,000 level. There was a clear break above the 61.8% Fib retracement level of the downward move from the $92,872 swing high to the $80,595 low. Bitcoin is now trading above $90,500 and the 100 hourly Simple moving average . It is also above 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 If the bulls remain in action, the price could face resistance near the $91,500 level. The first key resistance is near the $92,000 level. The next resistance could be $92,500. A close above the $92,500 resistance might send the price further higher. In the stated case, the price could rise and test the $93,750 resistance. Any more gains might send the price toward the $94,500 level. The next barrier for the bulls could be $95,000 and $95,500. Another Decline In BTC? If Bitcoin fails to rise above the $92,000 resistance zone, it could start another decline. Immediate support is near the $89,750 level. The first major support is near the $88,500 level. The next support is now near the $88,000 zone. Any more losses might send the price toward the $86,500 support in the near term. The main support sits at $85,000, 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 – $89,750, followed by $88,000. Major Resistance Levels – $92,000 and $92,500.