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Bitcoin price is steadily rising above the $92,000 zone. BTC is showing positive signs and could continue to rise above the USD 95,000 level.
- Bitcoin started a new rise above the $92,000 zone.
- The price is trading above $92,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $93,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $95,000 resistance zone.
Bitcoin price sets another ATH
Bitcoin price remained supported above the USD 91,000 level. BTC formed a base and started a new increase above the USD 92,000 level. It reached the USD 94,000 level and traded to a new high at USD 94,980 before a pullback occurred.
There was a move below the USD 94,200 level. The price fell below the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. However, the price is stable and consolidating around the USD 94,200 level.
Bitcoin price is now trading above $93,000 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $93,800 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 94,800 level. The first major resistance is around the $95,000 level. A clear move above the USD 95,000 resistance could push the price higher. The next major resistance could be at USD 98,000.
A close above the $98,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 100,000 resistance level. Any further gains could send the price towards the USD 102,000 resistance level.
Another Downward Correction in BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, a downward correction could occur. The immediate downside support is near the $93,700 level.
The first major support is near the $92,800 level or the 61.8% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. The next support is now near the $91,500 zone. Any further losses could send the price towards the $90,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 93,800, followed by USD 92,800.
Major resistance levels – $94,800 and $95,000.
