Bitcoin Price Surges Beyond Resistance, Market Sentiment Flips Bullish

[Ben Graham]

Bitcoin price started a major increase above $91,200. BTC is now showing bullish signs and might extend gains above $93,000.

• Bitcoin started a fresh increase above the $91,200 zone.
• The price is trading above $92,000 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $91,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move up if it stays above the $91,200 zone.

Bitcoin Price Eyes More Upsides

Bitcoin price remained supported above the $90,000 zone and started a fresh increase. BTC gained pace for a move above the $90,500 and $91,200 resistance levels.

It even surpassed $92,000. A new multi-week high was formed at $93,333 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the recent upward move from the $90,804 swing low to the $93,333 high.

Bitcoin is now trading above $92,000 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support at $91,500 on the hourly chart of the BTC/USD pair.

If the price remains stable above $91,500, it could attempt a fresh recovery wave. Immediate resistance is near the $93,200 level. The first key resistance is near the $93,500 level. The next resistance could be $94,000. A close above the $94,000 resistance might send the price further higher.

In the stated case, the price could rise and test the $94,650 resistance. Any more gains might send the price toward the $95,000 level. The next barrier for the bulls could be $95,500 and $95,800.

Another Decline In BTC?

If Bitcoin fails to rise above the $93,200 resistance zone, it could start another decline. Immediate support is near the $92,200 level. The first major support is near the $92,000 level or the 50% Fib retracement level of the recent upward move from the $90,804 swing low to the $93,333 high.

The next support is now near the $91,500 zone. Any more losses might send the price toward the $90,500 support in the near term. The main support sits at $90,000, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $92,000, followed by $91,500.

Major Resistance Levels – $93,200 and $94,000.