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Bitcoin Price Stabilizes After Surge — Is It Gearing Up for Another Leg Up?
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Bitcoin price is moving higher above the $93,200 zone. BTC is consolidating gains and might continue higher above the $94,000 zone in the near term.
Bitcoin Price Consolidates Gains
Bitcoin price remained stable above the $88,000 level and started a fresh increase. BTC was able to climb above the $90,000 and $91,500 resistance levels.
The bulls were able to pump the price above the $92,500 resistance. It even spiked and tested the $94,650 resistance zone. A high was formed near $94,635 and the price recently consolidated gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $86,400 swing low to the $94,635 high.
Bitcoin price is now trading above $92,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $92,000 on the hourly chart of the BTC/USD pair.
Downside Correction In BTC?
If Bitcoin fails to rise above the $94,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $93,000 level. The first major support is near the $92,000 level and the trend line.
The next support is now near the $90,500 zone, the trend line, and the 50% Fib retracement level of the upward move from the $86,400 swing low to the $94,635 high. Any more losses might send the price toward the $90,000 support in the near term. The main support sits at $88,800.
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 50 level.
Major Support Levels – $93,000, followed by $92,000.
Major Resistance Levels – $94,000 and $94,650.