Bitcoin Price Steadies at $90K: Is Another Rally in Sight?
Analysis
Price Impact
HighBtc recently broke through the $90,000 resistance level and reached a new all-time high, demonstrating strong bullish momentum. the technical indicators suggest further upward movement, with potential resistance at $90,500 and $91,200.
Trustworthiness
HighMultiple sources, including tradingview.com, point to a strong bullish trend with technical indicators like the macd and rsi supporting this view. however, the price is nearing overbought territory which could lead to a short-term correction.
Price Direction
BullishBitcoin is currently consolidating gains after hitting a new ath at $93,435. there is a strong bullish trend line with support at $87,200. if the price stays above the $85,400 zone, a further increase is likely. however, if it fails to break above the $90,500 resistance, a downside correction could occur.
Time Effect
ShortThe current bullish trend is expected to continue in the short term, with the next few days being crucial for determining the next price movement. a breakout above $91,200 would suggest a strong upward trajectory, while failure to do so could lead to a short-term pullback.
Original Article:
Article Content:
Bitcoin price extended gains above $90,000. BTC is now consolidating gains near $90,000 and might attempt another increase in the near term. Bitcoin extended its increase and traded above the $92,000 zone. The price is trading above $87,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $87,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it stays above the $85,400 zone. Bitcoin Price Sets Another ATH Bitcoin price started a fresh increase above the $88,000 level. BTC cleared the $90,000 resistance and traded to a new all-time high. It posted a high at $93,435 and is currently consolidating gains. There was a minor decline below the $91,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $85,302 swing low to the $93,435 high. However, the bulls are active near the $88,500 support zone. Bitcoin price is now trading above $87,500 and the 100 hourly Simple moving average . There is also a key bullish trend line forming with support at $87,200 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $85,302 swing low to the $93,435 high. Source: BTCUSD on TradingView.com On the upside, the price could face resistance near the $90,500 level. The first key resistance is near the $91,200 level. A clear move above the $91,200 resistance might send the price higher. The next key resistance could be $93,500. A close above the $93,500 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $100,000 resistance level. More Downsides In BTC? If Bitcoin fails to rise above the $90,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $88,400 level. The first major support is near the $87,200 level or the trend line. The next support is now near the $85,400 zone. Any more losses might send the price toward the $82,500 support 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 above the 80 level. Major Support Levels – $88,400, followed by $87,200. Major Resistance Levels – $90,500, and $91,200.