Bitcoin Price Holds Support After Pullback—What Comes Next?
Analysis
Price Impact
MedBitcoin has undergone a downside correction below $92,500, testing $89,225. while attempting recovery, it faces significant resistance at $92,000, which aligns with a bearish trend line and the 61.8% fib retracement level. failure to breach this could lead to further declines.
Trustworthiness
HighThe source adheres to a strict editorial policy focused on accuracy, relevance, and impartiality, created by industry experts, and meticulously reviewed to maintain high standards in reporting.
Price Direction
NeutralThe immediate outlook is neutral with a slight bearish bias as btc struggles below $92,000. however, indicators like hourly macd gaining pace in the bullish zone and rsi above 50 suggest potential for recovery if key resistance levels are broken. support at $90,300 and $89,250 are crucial to prevent further downside.
Time Effect
ShortThe analysis is based on hourly charts and technical indicators, focusing on 'short-term bearish zone' and 'near term' price movements, indicating relevance for the immediate future.
Original Article:
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 downside correction below $92,500. BTC is now struggling and might face barriers for a fresh increase near $92,000. Bitcoin started a downside correction and traded below the $91,200 zone. The price is trading below $91,500 and the 100 hourly Simple moving average. There is a bearish trend line forming with resistance at $92,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it stays below the $92,000 zone. Bitcoin Price Attempts Recovery Bitcoin price failed to stay above $93,500 and started a downside correction . BTC dipped below $93,000 and $92,000 to enter a short-term bearish zone. The price even dipped below $91,200 and tested $90,000. A low was formed at $89,225 and the price is now attempting a fresh increase. There was a move above $90,500. The price climbed higher to test the 50% Fib retracement level of the recent decline from the $93,770 swing high to the $89,225 low. Bitcoin is now trading below $92,000 and the 100 hourly Simple moving average . Besides, there is a bearish trend line forming with resistance at $92,000 on the hourly chart of the BTC/USD pair. If the price remains stable above $90,300, it could attempt a fresh increase. Immediate resistance is near the $91,500 level. The first key resistance is near the $92,000 level, the trend line, and the 61.8% Fib retracement level of the recent decline from the $93,771 swing high to the $89,225 low. Source: BTCUSD on TradingView.com The next resistance could be $92,800. A close above the $92,800 resistance might send the price further higher. In the stated case, the price could rise and test the $93,200 resistance. Any more gains might send the price toward the $93,500 level. The next barrier for the bulls could be $94,000 and $94,500. 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 $90,650 level. The first major support is near the $90,300 level. The next support is now near the $89,250 zone. Any more losses might send the price toward the $88,500 support in the near term. The main support sits at $87,250, 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 – $90,650, followed by $90,300. Major Resistance Levels – $91,500 and $92,000.