Bitcoin Price Shows Early Signs of a Pullback After Recent Run
Bitcoin price started a fresh increase above $92,500. BTC is now correcting some gains and might revisit the $90,500 support zone. 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. 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.More Downsides In BTC?
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