Bitcoin price corrected its gains and traded below the $90,000 support zone. BTC is currently on the rise and may struggle to break out of the $90,500 zone.
- Bitcoin started a downward correction from the $92,500 zone.
- Price is trading below $90,000 and the 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trendline forming with resistance at $90,650.
- If it settles above the $90,500 zone, the pair could continue moving higher.
Bitcoin price aims for new rise
Bitcoin price failed to gain momentum above the $92,000 and $92,500 levels. BTC began a downward correction and traded below the $90,500 support.
The price soared below the $88,000 support. However, the bulls were active near the $87,500 zone. A low was formed at $87,582 and the price is rising. There was a break above the 23.6% Fib retracement level of the decline from the swing high of $93,561 to the low of $87,582.
Bitcoin is currently trading below $90,000 and its 100-hour simple moving average. If the bulls continue their action, the price could try to move higher. Immediate resistance is near the $90,000 level. The first major resistance level is near the $90,500 level. There is also a bearish trendline on the hourly chart of the BTC/USD pair with resistance forming at $90,650.
The next resistance level could be at $92,000. If the price closes above the $92,000 resistance, the price could move higher. In the above case, the price could rise and test the $92,500 resistance. Further upside could push the price towards the $93,200 level. The next hurdles for the bulls could be $94,000 and $94,500.
Will BTC fall again?
If Bitcoin fails to rise above the $90,500 resistance zone, further decline could begin. Immediate support is near the $88,550 level. The first major support is near the $88,000 level.
The next support is currently located near the $87,500 zone. Any further losses could send the price towards the $86,500 support in the near term. The main support is at $85,000, below which BTC could accelerate its decline in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently above the 50 level.
Major support level – $88,550 followed by $88,000.
Key resistance levels – $90,000 and $90,500.
