Bitcoin Price In Limbo—Consolidating Below $92K Ahead of Next Move
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Bitcoin price started a recovery wave from the $85,000 zone. BTC is back above $87,500 and might struggle to clear the $92,000 resistance zone.
- Bitcoin started a fresh upward move from the $85,000 zone.
- The price is trading below $90,000 and the 100 hourly Simple moving average.
- There is a short-term contracting triangle forming with resistance at $89,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another decline if it fails to clear the $92,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price started a fresh decline below the $90,000 level. BTC traded below the $88,000 and $87,000 support levels. Finally, the price tested the $85,000 support zone.
A low was formed at $84,665 and the price recently started a recovery wave. There was a move above the $86,000 and $87,000 resistance levels. The bulls pushed the price toward the 50% Fib retracement level of the downward move from the $92,741 swing high to the $84,665 low.
Bitcoin price is now trading below $90,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $88,700 level. The first key resistance is near the $90,000 level.
There is also a short-term contracting triangle forming with resistance at $89,650 on the hourly chart of the BTC/USD pair. It is close to the 61.8% Fib retracement level of the downward move from the $92,741 swing high to the $84,665 low.
The next key resistance could be $92,000. A close above the $92,000 resistance might send the price further higher. In the stated case, the price could rise and test the $93,500 resistance level. Any more gains might send the price toward the $95,000 level or even $96,200.
Another Decline In BTC?
If Bitcoin fails to rise above the $90,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $87,000 level. The first major support is near the $86,200 level.
The next support is now near the $85,000 zone. Any more losses might send the price toward the $82,000 support in the near term. The main support sits at $80,000.
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 below the 50 level.
Major Support Levels – $87,000, followed by $85,000.
Major Resistance Levels – $90,000 and $92,000.
