• Bitcoin price is consolidating near the $90000 zone. BTC is showing positive signs and may soon target a new rise above $92,000.

Bitcoin has started a new rise above the $90000 zone.

price is trading above the $90000 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair (data from Kraken), a major bullish trend line has formed, supported by the level of 89,600.

the pair may gain bullish momentum if it breaks the resistance zone of 92,600.

the #Bitcoin price started a short-term downward revision below the short-term level of 90000 dollars. #BTC traded below the $88,000 level before finding support.

the low was formed at 86,621 and now the price is recovering. The price #rose above the level of 90000 dollars. The high was formed at 92,607 dollars, and now the price is consolidating. The price is trading from a low of 23.6 to a high of 86.621 near the Fibonacci retracement level of 92.607%.

The bitcoin price is currently trading above the above 90000 and the 100-hour simple moving average. An important bullish trend line has also formed on the hourly chart of the BTC/USD pair, supported by BTC 89,600. The trend line is near the 8% Fibonacci retracement level of the upward movement from the low of 86,621 to the high of 9,92,607,50.

If the price rises, resistance may occur near the 92,000 resistance level. The first major resistance is near the 92,500 level. If the price rises above the level of $92,500, it may lead to a rise in price. The next major resistance could be the levels from 9 to 93,200 dollars.

A close above the closing level of 93,200 dollars could lead to a price rise. In this case, the price will rise and you can test the resistance level of 95,000. A further rise could push prices to the $98,000 resistance level.

Another BTC drop?

If bitcoin does not rise above the $92,000 resistance level, a downward correction could begin. Immediate support is around $ 90000.

Technical Indicators:

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