Bitcoin Price Pauses at $90K: Is This a Breather Before the Next Move?

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As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that the latest surge in Bitcoin price is nothing short of exhilarating. Having witnessed numerous bull and bear markets, I must admit that the current trajectory of BTC is truly remarkable.

The cost of Bitcoin has risen beyond $88,000 and currently holds steady around $90,000. However, it may experience a slight dip in the short term.

  • Bitcoin extended its increase and traded above the $88,000 zone.
  • The price is trading above $86,500 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $85,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it stays above the $85,000 zone.

Bitcoin Price Sets Another ATH

The cost of Bitcoin surged beyond the $85,000 mark, breaking past the previous resistance level of $86,500 and reaching a record peak of $89,852. Currently, it’s holding its ground after achieving this high price point.

The price dropped slightly below $88,500 but remains significantly higher than the 23.6% Fibonacci retracement point during the upward climb from $78,555 to $89,852. Moreover, an ascending trend line is emerging on the hourly chart of BTC/USD pair, providing support around $85,200.

Currently, Bitcoin’s trading value exceeds $86,500 and also surpasses its 100-hour Simple Moving Average. As it moves upward, potential obstacles may arise around the $88,500 mark. The primary resistance point is found at approximately $89,200 level.

Breaking through the $89,200 barrier may propel the price upward, with potential resistance at $90,000 next. If the price manages to close above $90,000, it could lead to further increases. In this scenario, the price might climb and aim for the $92,000 resistance point. Additional gains may push the price towards the $100,000 resistance threshold.

Start of Downside Correction In BTC?

If Bitcoin doesn’t manage to break through the barrier at $88,500, there might be a drop in its price. The lowest point it could potentially reach before recovering is around $87,150.

Significant resistance can be found around $84,500, which could be the trend line, the 50% Fibonacci retracement level from the price drop between $78,555 low and $89,852 high, or simply a key support level. The next potential support lies in the vicinity of $82,000. Further declines could potentially push the price down to the $80,500 support in the short term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 80 level.

Major Support Levels – $87,150, followed by $84,500.

Major Resistance Levels – $88,500, and $90,000.

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2024-11-13 06:22