Bitcoin Price on the Rise: Is There More Fuel for the Rally?

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As a seasoned researcher who’s witnessed the crypto market’s rollercoaster ride for years, I can confidently say that Bitcoin’s current consolidation near the $91,000 zone is reminiscent of a cat toying with a mouse before pouncing. BTC has formed a base and seems poised to aim for more upsides above the $94,000 level.

The cost of Bitcoin is stabilizing around the $91,000 region, with the potential to increase further towards $94,000. Bitcoin’s current position suggests it may continue to climb.

  • Bitcoin started a fresh increase above the $91,000 zone.
  • The price is trading above $91,000 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $90,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $93,200 resistance zone.

Bitcoin Price Could Rally Again

The price of Bitcoin held firm above the $90,000 mark, with it subsequently forming a solid foundation and initiating a new surge beyond the $91,000 threshold. It successfully surpassed the $93,000 mark and reached a new peak at $94,000, only to experience a subsequent dip.

The cost dropped beneath the $93,000 mark, falling below the 23.6% Fibonacci retracement line of the rally that began at the $89,400 trough and peaked at $94,000. Yet, the price is holding steady and is currently hovering around the $92,000 region.

Currently, Bitcoin’s price exceeds $91,000 and aligns with its 100-hour Simple Moving Average. Additionally, a significant bullish trend line is emerging, offering support around $90,800 on the hourly chart of BTC/USD. This trend line is almost in sync with the 61.8% Fibonacci retracement level, calculated from the price drop from $89,400 to a high of $94,000.

On a positive note, there may be obstacles for the price around $92,600. The primary challenge comes at approximately $93,200. If we see a strong push past $93,200, it might lead to further increases. A potential next hurdle could be found at $94,000.

If the price surpasses $94,000 significantly, it may trigger further increases. In such a scenario, the price could potentially reach and challenge the $98,000 resistance point. Should it continue to rise, it might push towards the $100,000 resistance threshold.

Another Pullback In BTC?

As I analyze the current trajectory of Bitcoin, if it struggles to breach the $94,000 resistance barrier, there’s a possibility that it might initiate a corrective phase. A potential support level for any downward movement can be found around $91,700.

Initially, the strongest resistance can be found around $90,700. Subsequently, a new area of potential support has emerged close to the $89,500 region. If the price continues to fall, it could potentially drop towards the $87,500 support in the upcoming period.

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 above the 50 level.

Major Support Levels – $91,700, followed by $90,700.

Major Resistance Levels – $92,600, and $94,000.

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2024-11-20 06:22