Bitcoin Price Shows Early Signs of a Pullback After Recent Run

[Ben Graham]

Bitcoin price started a fresh increase above $92,500. BTC is now correcting some gains and might revisit the $90,500 support zone.

• Bitcoin started a fresh increase above the $92,000 zone.
• The price is trading above $92,000 and the 100 hourly Simple moving average.
• There is a bearish trend line forming with resistance at $93,750 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 $90,500 zone.

Bitcoin Price Faces Resistance

Bitcoin price remained supported above the $91,500 zone and started a fresh increase. BTC gained pace for a move above the $92,200 and $92,500 resistance levels.

It even spiked above $94,000 before there was a pullback. The price dipped and tested the $91,250 level. Recently, it recovered and climbed to $93,771 and now shows signs of another decline. There was a move below the 50% Fib retracement level of the recent upward move from the $91,230 swing low to the $93,771 high.

Bitcoin is now trading above $92,000 and the 100 hourly Simple moving average. If the price remains stable above $92,000, it could attempt a fresh increase. Immediate resistance is near the $93,200 level. The first key resistance is near the $93,500 level. There is also a bearish trend line forming with resistance at $93,750 on the hourly chart of the BTC/USD pair.

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 $95,000 resistance. Any more gains might send the price toward the $95,800 level. The next barrier for the bulls could be $96,200 and $96,500.

More Downsides In BTC?

If Bitcoin fails to rise above the $93,500 resistance zone, it could start another decline. Immediate support is near the $92,000 level. The first major support is near the $91,800 level or the 76.4% Fib retracement level of the recent upward move from the $91,230 swing low to the $93,771 high.

The next support is now near the $90,500 zone. Any more losses might send the price toward the $90,200 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 losing pace in the bullish zone.

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

Major Support Levels – $92,000, followed by $90,500.

Major Resistance Levels – $93,500 and $94,000.