Uptrend analysis
Bitcoin is rising again after a short-term correction below $90,000 and the bulls may target above $94,000. A new rise started from $86,600 and the price is currently above $88,000 and the 100 hourly simple moving average.
There is a bearish trend line resistance at $91,000 on the hourly chart of BTC/USD and a break above this resistance zone is expected to gain bullish momentum.
The price corrected lower below $90,000, forming a low of $86,622 before recovering and breaking through $90,000 to form a high of $91,839 before consolidating, testing the 50% Fibonacci retracement level of the upward move in the corresponding range.
The first key resistance is near $91,850, above which further gains are possible. The next key resistance is around $92,500, a close above this level could trigger more gains, which could move to $93,450. Further gains could lead the price towards the $95,000 resistance level.
Downside risk analysis
If Bitcoin fails to break through the $91,000 resistance zone, it may correct downwards. The immediate support on the downside is around $89,250, the first major support is at $87,850 (the 76.4% Fibonacci retracement level of the corresponding upward movement in the range), and the next support is around $86,620. If the decline continues, it may fall to the $83,500 support level in the short term.
Technical indicators
The hourly MACD is stalling in the bearish zone and the hourly RSI (Relative Strength Index) is above 50. The main supports are $89,250 and $87,850 and the main resistances are $91,000 and $92,500.
