Bitcoin (BTC) has seen a minor downside correction below the $90,000 milestone. However, the digital currency is bouncing back, as Bitcoin bulls seem to be resisting this bearish phase.
Recent market trends indicate that Bitcoin (BTC) experienced a minor downside correction beneath the $90,000 milestone. However, the digital currency is bouncing back as Bitcoin bulls appear to be resisting this bearish phase. The cryptocurrency quickly recovered after hitting a low at the $86,622 mark. It even went on to cross the $90,000 line briefly, setting a new high at $91,839 before consolidating once again.
At the moment, Bitcoin is trading above the $88,000 mark and the 100-hourly Simple Moving Average (SMA), indicating a bullish economic climate for the cryptocurrency. The rising trend faces an obstruction in the form of a bearish trend line with resistance at $91,000. Clearing this resistance could lead to a major positive change in Bitcoin’s trading pattern, allowing the cryptocurrency to ascend to new highs.
The immediate resistance after this significant benchmark stands at $91,850. A successful breach of this resistance could pave the way for a more substantial increase in Bitcoin’s valuation. The next resistance level is speculated to be at $92,500, indicating the vast monetary potential this crypto giant could achieve if current trading conditions prevail.
An optimistic forecast suggests that if Bitcoin closes above the $92,500 resistance, it could trigger a further upsurge. Hypothetically, the price could soar and test the resistance levels at $93,450. Any further bullish momentum after this point might propel Bitcoin towards the $95,000 milestone, a phenomenal achievement for the cryptocurrency realm.
In contrast, if Bitcoin fails to break past the $91,000 resistance zone, a downside correction may follow. Immediate support on the lower side exists near the $89,250 level. A more considerable support is identified around the $87,850 mark, equating to the 76.4% Fibonacci retracement level of the ongoing upward trend. Support following this comes near the recent low of $86,620, with further losses potentially propelling Bitcoin to an $83,500 support limit in the near term.
From a technical perspective, the Moving Average Convergence Divergence (MACD) shows a bearish momentum slowing down. At the same time, the Relative Strength Index (RSI) for BTC/USD is above the neutral 50 level, indicating healthy buying pressure in the market. Bitcoin’s current position between major support levels at $89,250 and $87,850, and facing resistance at $91,000 and $92,500, points towards a possible entry into an intensely bullish market.
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