Bitcoin price steadily rises above the $92,000 area. BTC shows positive signs and may continue to rise above $95,000.
Bitcoin begins a new rally above the $92,000 area.
Price is trading above $92,000 and the 100-hour simple moving average.
There is a connected bullish trend line forming on the hourly chart of the BTC/USD pair, with support at $93,800 (from Kraken's data feed).
If the resistance zone of $95,000 is broken, the pair may continue to rise.
Bitcoin price sets a new ATH
Bitcoin price remains supported above $91,000. BTC has formed a base and started a new rally above $92,000. It cleared the $94,000 level and set a new high of $94,980 before a pullback occurred.
Dropped below the $94,200 level. The price fell below the 94,980% Fibonacci retracement from the $23.6 swing low to the $91,500 high. However, the price stabilized and consolidated around $94,200.
Bitcoin price is now trading above $93,000 and the 100-hour simple moving average. There is also a connected bullish trend line forming on the hourly chart of the BTC/USD pair, with support at $93,800.
On the positive side, the price may face resistance near $94,800. The first key resistance level is around $95,000. A clear break above the $95,000 resistance could push the price higher. The next key resistance level could be $98,000.
Closing above the $98,000 resistance level could trigger more gains. In that case, the price may rise and test the $100,000 resistance level. Any further gains could bring the price close to the $102,000 resistance level.
Another downward correction for BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, it may begin a downward correction. The immediate support level on the downside is around $93,700.
The first major support level is around the $92,800 level or near the 61.8% Fibonacci retracement from the $91,500 swing low to the $94,980 high. The next support level is now near the $91,500 area. Any further losses could bring the price down to the $90,000 support level in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support level – $93,800, followed by $92,800.
Major resistance levels – $94,800 and $95,000.