Bitcoin price climbed above $90,500 and has resumed upside momentum, now consolidating gains with a potential attempt to break past $91,650.
– Bitcoin moved past the $90,500 area and is trading above $91,000 and the 100-hour simple moving average.
– The pair broke a key bearish trendline that had resistance near $90,000 on the hourly BTC/USD chart (Kraken data).
– A decisive settlement above $91,650 could open the door to further upside.
Price action and levels
BTC extended gains through $91,500 and $92,500, clearing $93,000 resistance to reach a high of $94,050 before pulling back. The recent correction dipped below the 50% Fibonacci retracement of the move from the $83,871 swing low to the $94,050 high, but buyers stepped in around the $87,800 area and the 61.8% Fib level. The pair has resumed upward movement above $90,000.
Immediate resistance is near $91,650, with the first significant hurdle at $92,000 and another at $93,000. A close above $93,000 could propel BTC toward $95,000 and potentially $95,500, with further barriers at $96,200 and $96,450.
Downside scenario
Failure to clear $91,650 could see Bitcoin slide back. Initial support sits near $90,000, followed by $89,500. The next support zone is around $87,800, with $87,250 and then $86,500 acting as deeper supports; a break below $86,500 could accelerate losses.
Technical indicators
– Hourly MACD: gaining momentum in bullish territory.
– Hourly RSI: above the 50 level, supporting the bullish bias.
Key levels
– Major support: $90,000, then $89,500.
– Major resistance: $91,650 and $92,000.
