As a seasoned researcher with years of experience in the crypto market, I’ve seen my fair share of price swings and trends. The current Bitcoin price action is intriguing, to say the least.
The cost of Bitcoin is holding steady around the $90,000 mark, indicating potential growth towards a new high of over $92,000, based on its current encouraging trends.
- Bitcoin started a fresh increase above the $90,000 zone.
- The price is trading above $90,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $89,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $92,600 resistance zone.
Bitcoin Price Aims Another ATH
The cost of a single Bitcoin briefly dipped in a temporary decrease, moving below the $90,000 mark. The digital currency then dropped further to trade under $88,000, but eventually found a base and stabilized.
As a crypto investor, I witnessed a low at around $86,621, and since then, the price has been on an uptrend, managing to surpass the $90,000 mark. After reaching a high of $92,607, the price seems to be stabilizing in a consolidation phase. Currently, it’s hovering near the 23.6% Fibonacci retracement level derived from the upward swing between the $86,621 low and the $92,607 high.
Currently, Bitcoin’s price is surpassing $90,000 and aligning with its 100-hour Simple Moving Average. Moreover, a significant bullish trendline is emerging on the hourly chart of BTC/USD, offering support at approximately $89,600. This trendline is near the 50% Fibonacci retracement level derived from the price drop from $86,621 low to $92,607 high.
On a positive note, the price may encounter barriers around the $92,000 mark. The initial resistance point is approximately at $92,500. A decisive break above this $92,500 barrier could potentially push the price upward. Further potential resistance might be encountered at $93,200.
If the price breaks through the $93,200 barrier, it could lead to further increases. In this scenario, the price may climb and challenge the $95,000 resistance point. Should there be more gains, the price might aim for the $98,000 resistance level.
Another Drop In BTC?
If Bitcoin doesn’t manage to break through its resistance at around $92,000, there might be a potential decline in price. The initial floor for this drop may be found around $90,000.
Initially, a significant point of resistance can be found around $89,650. Currently, another support area is close by at approximately $88,000. If further declines occur, the price could move towards the next support at $86,500 in the short term.
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 – $89,650, followed by $88,000.
Major Resistance Levels – $92,000, and $92,500.
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2024-11-19 06:22