Bitcoin’s price surge continued as it broke through the $90,000 ceiling, reaching a new all-time high of $93,435. Currently, BTC is consolidating its gains around the $90,000 mark and may soon attempt another upward move.
Bitcoin saw a significant increase, trading above the $92,000 range before undergoing a minor pullback below $91,500. This dip brought the price below the 50% Fibonacci retracement level of the ascent from the $85,302 low to the peak of $93,435. Despite the pullback, bullish momentum remains strong near the $88,500 support zone.
At present, Bitcoin is trading above $87,500 and is well-supported by the 100-hourly Simple Moving Average. A bullish trend line has emerged with support near $87,200, highlighting a potential springboard for further upward activity. This trend line aligns closely with the 76.4% Fibonacci retracement level of the recent upward move from the $85,302 low to the $93,435 high.
On the upside, Bitcoin might encounter resistance around the $90,500 level initially, with more significant barriers at $91,200. A decisive move above $91,200 could propel BTC higher, potentially reaching resistance at $93,500. Should the cryptocurrency close above this level, it could experience further gains, possibly testing the $95,000 mark. In an optimistic scenario, continued bullish momentum might drive Bitcoin’s price towards the $100,000 threshold.
Conversely, if Bitcoin fails to overcome the $90,500 resistance, the cryptocurrency may undergo a downside correction. The immediate support level on the downside stands at $88,400. Substantial support is observed near $87,200, coinciding with the trend line. Further declines could find Bitcoin approaching the $85,400 support zone, with potential additional losses pushing the price to around $82,500 in the near term.
