As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen more than my fair share of Bitcoin price movements. The latest correction from the $93,450 zone is no exception, and it seems that BTC is now consolidating near $87,000 before potentially attempting another increase.
The price of Bitcoin briefly dipped away from around $93,450, but it’s currently holding steady close to $87,000. In the coming days, there could be another potential rise.
- Bitcoin started a downside correction from the $93,450 zone.
- The price is trading above $87,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $87,000 zone.
Bitcoin Price Starts Downside Correction
The cost of Bitcoin tried to climb higher past the $93,000 mark, reaching a new peak at $93,435 before briefly pulling back.
The price momentarily dropped below the $90,000 mark and went as low as $88,000. It reached its lowest point at $86,621 before stabilizing. Currently, it’s trending slightly upwards and hovering around the 23.6% Fibonacci retracement level of the descent from the peak of $93,435 to the trough of $86,621.
Currently, Bitcoin’s price is surging beyond $87,000 and aligning with its 100-hour Simple Moving Average. As it moves upward, potential obstacles may arise around the $90,000 mark. Additionally, a bearish trend line is shaping up on the hourly BTC/USD chart, with resistance at $90,000 as well.
The trend line is almost touching the 50% Fibonacci retracement point during the decline from the peak of $93,435 to the low of $86,621. The first significant resistance lies around the $90,850 mark. Overcoming this resistance at $90,850 could potentially push the price upwards.
If we surpass the potential resistance at $91,500, it may trigger further increases. This could lead the price to challenge the resistance at $93,450 and potentially push it upwards towards the $95,000 resistance mark. Any additional gains might aim for the $95,000 barrier.
More Downsides In BTC?
If Bitcoin doesn’t manage to break through its resistance at around $90,000, it might trigger a period of decline instead. The potential floor for this drop could be close to $87,150.
The primary reinforcement can be found around the $86,500 mark. Currently, the secondary reinforcement is close to the $85,280 region. Further decreases could push the price towards the $82,500 support in the short run.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 80 level.
Major Support Levels – $87,150, followed by $86,500.
Major Resistance Levels – $90,000, and $91,500.
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2024-11-15 05:46