Bitcoin Price Recovery Bid Emerges, Resistance Still Looms Large
Bitcoin price started a downside extension below $92,000. BTC is now recovering from $89,220 and might face barriers for a fresh increase near $92,000. The next resistance could be $93,500. A close above the $93,500 resistance might send the price further higher. In the stated case, the price could rise and test the $94,000 resistance. Any more gains might send the price toward the $94,500 level. The next barrier for the bulls could be $95,000 and $95,500. If Bitcoin fails to rise above the $92,500 resistance zone, it could start another decline. Immediate support is near the $91,250 level. The first major support is near the $90,500 level. The next support is now near the $90,000 zone. Any more losses might send the price toward the $89,250 support in the near term. The main support sits at $88,000, 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 – $91,250, followed by $90,500. Major Resistance Levels – $92,500 and $93,500.Another Decline In BTC?
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