Bitcoin’s astonishing momentum continues to break new ground as the popular cryptocurrency recently exceeded a trading price above the $92,000 mark. This follows a steady period of price consolidation around the $90,000 threshold, a level which is now being considered for a further upward push in the short term.
The surge in Bitcoin’s price has seen it maintain a trading average above $87,500, bolstered by the 100 hourly Simple Moving Average. This buoyancy is further supported by a significant bullish trend line, with a support level at $87,200, according to the hourly chart of the BTC/USD pair, as per data from Kraken. This trend strongly indicates that the cryptocurrency’s price might continue to rise, provided it remains above the $85,400 zone.
The onset of this surge was initiated when Bitcoin embarked on an upward trend, breaching the $88,000 level. The cryptocurrency then successfully navigated past the $90,000 resistance, setting a new all-time high with a peak at $93,435. Following this milestone, the price experienced a slight dip below $91,500, but the bulls were quick to reinforce their position around the $88,500 support zone.
The key bullish trend line, which is forming with support at $87,200 on the hourly chart of the BTC/USD pair, is now closely aligned with the 76.4% Fib retracement level of the upward move from the $85,302 swing low to the $93,435 high.
Looking ahead, Bitcoin could face resistance near the $90,500 level. The first significant resistance is projected around the $91,200 level. If the price successfully breaks past this resistance, the next key resistance is estimated to be $93,500. A close above this value might trigger further gains, potentially pushing the price towards the $95,000 resistance level. Any additional gains could potentially thrust the price in the direction of the coveted $100,000 resistance level.
However, if Bitcoin fails to surpass the $90,500 resistance zone, it may initiate a downside correction. Immediate support on the downside is near the $88,400 level, followed by the first major support near the $87,200 level or the trend line. The following support is now near the $85,400 zone. Any further losses might send the price towards the $82,500 support in the near term.
Technical indicators presently show the MACD losing pace in the bullish zone, while the RSI for BTC/USD is above the 80 level. Major support levels are at $88,400 and $87,200, while the significant resistance levels are at $90,500 and $91,200.
