Bitcoin price began a consolidation phase below $92,000. BTC holds support at $89,500 and could try to start a new increase.
Bitcoin began a wave of recovery above $90,000 and $90,500. The price is trading above $91,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, a bullish trendline is forming with support at $90,650 (data feed from Kraken). If it remains above the $90,000 zone, the pair is likely to continue moving higher.
Bitcoin price remains range bound
Bitcoin price managed to break above the $89,500 support and a small wave of recovery began. BTC was able to settle above $90,000 and $90,500.
The bulls were able to push the price above $91,500, hitting the 23.6% fib retracement level of the decline from the swing high of $93,770 to the low of $89,225. However, the price appears to be facing a major hurdle around $92,000.
The 50% Fib retracement level of the decline from the swing high of $93,770 to the low of $89,225 is acting as resistance. Furthermore, the hourly chart of the BTC/USD pair shows a bullish trend line forming with support at $90,650.
Bitcoin is currently trading above $91,000 and its 100-hour simple moving average. If the price remains stable above $90,500, it could attempt a new rally. Immediate resistance is near the $92,000 level. The first major resistance level is near the $92,800 level.
The next resistance level could be at $93,450. If the price closes above the $93,450 resistance, the price could move higher. In the above case, the price could rise and test the $94,000 resistance. Any further increase could push the price closer to the $94,500 level. The next hurdles for the bulls could be $95,000 and $95,500.
Will BTC drop again?
If Bitcoin fails to rise above the $92,000 resistance zone, a further decline could begin. Immediate support is near the $91,000 level. The first major support is located near the $90,650 level and trend line.
The next support is currently located near the $90,000 zone. Any further losses could send the price towards the $89,500 support in the near term. The main support is at $89,250, below which BTC could accelerate its decline in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major support level – $91,000, then $90,650.
Key resistance levels – $92,000 and $92,800.
