Bitcoin Price In Limbo—Consolidating Below $92K Ahead of Next Move
Bitcoin price started a wave of recovery from the $85,000 area. BTC returns over $87,500, and it may be difficult to clear the $92,000 resistance zone.
- Bitcoin started a new upward movement from the $85,000 area.
- Prices trade below $90,000 and the 100-hour simple moving average.
- In the hourly chart of the BTC/USD pair, there is a short-term contraction triangle forming with a resistance of $89,650 (from Kraken’s feed).
- If the $92,000 resistance zone is not cleared, the couple may drop again.
Bitcoin price faces resistance
Bitcoin’s price starts to fall below the $90,000 level. Trading below BTC $88,000 and $87,000 support levels. Finally, the price tested the $85,000 support zone.
The low price is $84,665, and the price has recently begun a recovery wave. Over $86,000 and $87,000 resistance levels. The Bulls pushed the price to a downward 50% FIB retracement level, rising from a swing high of $92,741 to a low of $84,665.
Bitcoin price is now trading below $90,000, 100-hour simple moving average. On the plus side, immediate resistance is close to the $88,700 level. The first key resistance is close to the $90,000 level.
On the hourly chart of the BTC/USD pair, there is also a short-term contraction triangle forming with a resistance of $89,650. It is close to the 61.8% FIB retracement level from the swing high of $92,741 to the low of $84,665.
The next key resistance could be $92,000. Turning off resistors above $92,000 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $93,500. More gains could shift the price to the $95,000 level, or even $96,200.
Another decline in BTC?
If Bitcoin fails to exceed the $90,000 resistance zone, it may start a new decline. Immediately support on the negative side approaching the $87,000 level. The first major supports near $86,200 levels.
The next support is now near the $85,000 area. In the short term, more losses could send the price to $82,000 in support. The main support is $80,000.
Technical indicators:
Hourly MACD – MACD is now losing pace in bullish areas.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now below level 50.
Main support level – $87,000, followed by $85,000.
Major resistance levels – $90,000 and $92,000.
