Bitcoin has regained upside momentum after moving above $90,500, trading back over $91,000 and clearing the 100-hour simple moving average. The pair also pierced a key bearish trendline that had been capping gains near $90,000 on the hourly Kraken chart, setting the stage for a potential push through immediate resistance around $91,650.
Price action: After extending gains through $91,500 and $92,500, BTC briefly cleared $93,000 and tagged an intraday high near $94,050 before pulling back. The subsequent correction fell below the 50% Fibonacci retracement of the swing from $83,871 to $94,050, but buyers defended the zone around $87,800, close to the 61.8% Fib level. Momentum has since resumed, with price trading back above $90,000.
Near-term outlook: The first barrier to further upside is $91,650, followed by resistance near $92,000 and a stronger hurdle around $93,000. A decisive, sustained close above $93,000 could open the way toward $95,000 and $95,500, with additional resistance expected around $96,200–$96,450.
Downside risks: If BTC fails to clear $91,650, it could slide toward initial support near $90,000 and then $89,500. Deeper support lies in the $87,800 area, followed by $87,250 and $86,500; a break beneath $86,500 could accelerate losses and invite a larger correction.
Technical indicators: Hourly MACD is showing growing momentum in bullish territory, and the hourly RSI is perched above the 50 level, both supporting a bullish bias for the near term.
Summary: Bulls have reclaimed control and are attempting to push past short-term resistance. A clear settlement above $91,650–$93,000 would increase the probability of a run toward $95,000, while failure to hold current levels risks a pullback into the $87,800–$86,500 support zone.