Bitcoin Price Marches Upward, But $90K Could Decide The Next Act
Bitcoin price started a recovery wave above $88,000. BTC is slowly moving higher and might rise further if it clears $89,600. The first key resistance is near the $90,000 level since it is close to the 76.4% Fib retracement level of the downward move from the $91,098 swing high to the $86,007 low. A close above the $90,000 resistance might send the price further higher. In the stated case, the price could rise and test the $90,500 resistance. Any more gains might send the price toward the $91,200 level. The next barrier for the bulls could be $92,000 and $92,500. If Bitcoin fails to rise above the $89,600 resistance zone, it could start another decline. Immediate support is near the $88,800 level. The first major support is near the $88,500 level. The next support is now near the $87,600 zone. Any more losses might send the price toward the $87,200 support in the near term. The main support sits at $86,000, below which BTC might struggle to recover 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 – $88,500, followed by $87,200. Major Resistance Levels – $89,600 and $90,000.Another Rejection In BTC?
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