Bitcoin ’s price has surged past the $90,000 level and is currently stabilizing around this level with the potential for further increases. Recently, BTC expanded its growth and crossed above the $92,000 level, demonstrating strong bullish momentum. The cryptocurrency is trading securely above $87,500, aided by the 100-hourly Simple Moving Average, indicating a robust support mechanism.
A significant bullish trend line is emerging, with its foundational support set around $87,200, as seen in the hourly trading chart of the BTC/USD pair. As long as Bitcoin remains above the critical support level of $85,400, the outlook appears positive for continued upward movement.
After commencing a fresh rally beyond the $88,000 level, Bitcoin decisively surpassed the $90,000 resistance and reached a new all-time high of $93,435. Although there was a minor dip below the $91,500 level, ensuing activity around the $88,500 support zone indicates that the buying pressure remains strong. The price is currently situated above $87,500, validating the presence of the bullish trend line at $87,200, which aligns with the 76.4% Fibonacci retracement level from the recent swing low.
Looking ahead, Bitcoin may encounter resistance near the $90,500 level, with the first significant resistance identified at $91,200. A decisive movement above the $91,200 level could pave the way for a rise toward $93,500. If the market closes above this level, further upward trends may bring the price closer to the $95,000 resistance, with an additional potential leap toward the $100,000 milestone.
Conversely, if Bitcoin does not surpass the $90,500 resistance, a corrective phase may begin. Immediate support sits around the $88,400 level, with major supports identified at $87,200 and $85,400. A decline below these levels could lead to testing the $82,500 support zone.
