Bitcoin Price Stays Pinned Above Support, Setting Up a Bigger Move
Analysis
Price Impact
HighBitcoin is consolidating above a critical support level ($89,500 - $90,000), setting the stage for a potentially significant move. a breakout above $92,000 could trigger a strong bullish rally, while a break below $89,500 might lead to a sharp decline.
Trustworthiness
HighThe article explicitly states a strict editorial policy focusing on accuracy, relevance, and impartiality, created by industry experts, and adhering to the highest standards in reporting and publishing.
Price Direction
NeutralCurrently, btc is consolidating in a range between $89,500 support and $92,000 resistance. while holding support and trading above key moving averages, it faces significant hurdles. the direction depends on a decisive break above or below these key levels.
Time Effect
ShortThe analysis focuses on hourly charts, immediate support/resistance levels, and 'near term' price movements, indicating a short-term outlook.
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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 consolidation phase below $92,000. BTC is holding the $89,500 support and might attempt to start a fresh increase. Bitcoin started a recovery wave above $90,000 and $90,500. The price is trading above $91,000 and the 100 hourly Simple moving average. There is a bullish trend line forming with support at $90,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it stays above the $90,000 zone. Bitcoin Price Stays In A Range Bitcoin price managed to stay above the $89,500 support and started a minor recovery wave . BTC was able to settle above $90,000 and $90,500. The bulls were able to push the price above $91,500, and the 23.6% Fib retracement level of the downward move from the $93,770 swing high to the $89,225 low. However, the price seems to be facing a major hurdle near the $92,000 level. The 50% Fib retracement level of the downward move from the $93,770 swing high to the $89,225 low is acting as a resistance. Besides, there is a bullish trend line 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 hourly Simple moving average . If the price remains stable above $90,500, it could attempt a fresh increase. Immediate resistance is near the $92,000 level. The first key resistance is near the $92,800 level. Source: BTCUSD on TradingView.com The next resistance could be $93,450. A close above the $93,450 resistance might send the price further higher. In the stated case, the price could rise and test the $94,000 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 Drop In BTC? If Bitcoin fails to rise above the $92,000 resistance zone, it could start another decline. Immediate 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 more losses might send the price toward the $89,500 support in the near term. The main support sits at $89,250, below which BTC might accelerate lower in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $91,000, followed by $90,650. Major Resistance Levels – $92,000 and $92,800.