Bitcoin price recovered above $90,000. BTC is currently struggling to clear $92,000 and may begin another decline below $90,000.
- Bitcoin began a recovery and rose to $92,000.
- The price is trading above $90,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the short-term bullish trendline with support at $90,800.
- If it falls below the $90,000 area, the pair may continue to decline.
Bitcoin price faces resistance
Bitcoin price remained above the $88,500 level. BTC formed a base and recently began a recovery above the $90,000 resistance zone.
The pair moved above the $91,000 level. A high was made at $91,878 and the price is currently correcting some gains. On the hourly chart of the BTC/USD pair, a break has occurred below the short-term bullish trendline with support at $90,800.
The pair is currently approaching the 23.6% Fib retracement level, rising from the $86,299 swing low to the $91,878 high. Bitcoin is currently trading above $90,000 and the 100-hour simple moving average. If the bulls remain active, the price could attempt another rally.
Immediate resistance is near the $91,200 level. The first major resistance is near the $92,000 level. The next resistance could be $92,500. A break above the $92,500 resistance could push the price higher. If indicated, the price could move higher to test the $93,750 resistance. More profits could push the price higher to the $94,500 level. The next barriers for the bulls could be $95,000 and $95,500.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $92,000 resistance zone, another decline could begin. Immediate support is near the $90,500 level. The first major support is near the $89,080 level or the 50% Fib retracement level of the rise from the $86,299 swing low to the $91,878 high.
The next support is now near the $88,450 area. More losses could push the price towards the $87,500 support in the near term. The main support level is $86,300, a break below which could push BTC lower in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $89,080, then $88,450.
Key resistance levels – $91,200 and $92,000.