Bitcoin price is steadily rising above $92,000. BTC shows positive signs and may continue to rise above $95,000.
Bitcoin starts a new rally above $92,000.
The price is currently above $92,000 and the 100-hour simple moving average.
On the hourly chart of BTC/USD, a connecting bullish trend line has formed, with support at $93,800 (data from Kraken).
If the resistance area of $95,000 is broken, the currency pair may continue to rise.
Bitcoin price hits a new all-time high.
Bitcoin price remains supported above $91,000. BTC forms a bottom and begins a new rally above $92,000. It breaks the level of $94,000 and sets a new high of $94,980, followed by a pullback.
The price has fallen below the level of $94,200. The price has broken below the 23.6% Fibonacci retracement level of the upward trend from the swing low of $91,500 to the high of $94,980. However, the price has stabilized and is consolidating around $94,200.
Bitcoin price is currently trading above $93,000 and the 100-hour simple moving average. On the hourly chart of BTC/USD, a connecting bullish trend line has also formed, with support at $93,800.
On the upside, the price may face resistance near $94,800. The first key resistance level is around $95,000. If it can break clearly above the resistance level of $95,000, the price may rise further. The next key resistance level could be $98,000.
Source: BTCUSD on TradingView.com
A breakout above the resistance level of $98,000 could trigger further gains. In this case, the price may rise and test the resistance level of $100,000. Further increases could push the price towards the resistance level of $102,000.
Is BTC experiencing a downward correction again?
If Bitcoin fails to break through the resistance area of $95,000, it may start a downward correction. The immediate support level on the downside is around $93,700.
The first major support level is around $92,800, which is the 61.8% Fibonacci retracement level of the upward trend from the low of $91,500 to the high of $94,980. The next support level is now near the $91,500 area. If the price drops further, it may head toward the support level of $90,000 in the short term.
