Bitcoin ’s recent price movements indicate a brief correction below the $90,000 level, but the cryptocurrency is on an upward trajectory once again. Currently, there’s potential for the price to surpass the $94,000 level, driven by bullish market sentiment.
The downward correction saw Bitcoin dip to approximately $86,600 before the market rebound. The price is now stabilizing above the $88,000 level and is supported by the 100-hour Simple Moving Average. However, Bitcoin faces immediate resistance from a bearish trend line that develops around the $91,000 level on the hourly chart of the BTC/USD pair.
After the initial drop, the price rebounded above $90,000, reaching a peak of $91,839 before entering a consolidation phase. This high point aligns with a significant level — a 50% Fibonacci retracement of the previous upward movement from the swing low of $86,621 to the peak of $91,839. The price is situated above key support levels, but challenges remain as it approaches the $91,000 resistance. If Bitcoin can break through this barrier, the next notable resistance would likely sit around $92,500, encouraging further price gains.
Should Bitcoin manage to close above $92,500, it could open the door to additional increases, potentially testing the $93,450 and even the $95,000 levels. Conversely, if the price fails to penetrate the $91,000 barrier, a correction may ensue. Immediate support is identified near $89,250, with more significant backing at around $87,850, which corresponds to the 76.4% Fibonacci retracement level from the recent upward move. Further declines could see the price challenge the $86,620 support level and potentially approach $83,500 if bearish trends persist.
Analytical indicators currently show mixed signals, with the hourly MACD indicating reduced bearish momentum, while the Relative Strength Index remains above the neutral threshold, suggesting a cautious outlook as Bitcoin navigates these key price levels.
