Bitcoin has achieved a remarkable milestone by extending its gains and trading above the $92,000 mark. Currently consolidating near $90,000, the cryptocurrency shows potential for another surge in the near term.
The latest rally saw Bitcoin clearing the $90,000 resistance, setting a new all-time high at $93,435 before a slight pullback to below $91,500. Despite this minor dip, support remains strong near the $88,500 zone, thanks to active buyers.
Bitcoin’s price hovers above $87,500 and the 100 hourly Simple Moving Average, supported by a bullish trend line forming around $87,200 on the BTC/USD hourly chart. This trend line aligns closely with the 76.4% Fibonacci retracement level from the recent upward swing between the $85,302 low and the $93,435 high.
Moving forward, Bitcoin faces immediate resistance at the $90,500 level, with additional hurdles at $91,200. A successful breach of these levels could propel the price towards $93,500, and potentially test the $95,000 mark. If the upward momentum continues, Bitcoin might even edge closer to the significant $100,000 resistance level.
Conversely, should Bitcoin struggle to overcome the $90,500 resistance, it could initiate a downward correction. Immediate support on this path lies near $88,400, with major support levels at $87,200 and $85,400. Failing these, the price might dip further towards $82,500.
Technical indicators reflect these movements: the hourly MACD shows a loss in bullish momentum, while the hourly RSI remains elevated above 80, indicating potential overbought conditions. Major support levels stand at $88,400 and $87,200, while resistance remains at $90,500 and $91,200.
