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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Price Flirts With Breakout — Key Resistance In Sight

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Bitcoin price is consolidating gains above the $94,000 zone. BTC is showing positive signs and might aim for a move above the $95,500 resistance zone.

  • Bitcoin remained supported above the $93,500 zone.
  • The price is trading above $94,000 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it clears the $95,500 zone.

Bitcoin Price Eyes Key Upside Break

Bitcoin price remained stable above the $93,500 level and started a fresh increase. BTC was able to climb above the $94,000 and $94,200 resistance levels.

The bulls were able to pump the price above the $95,200 resistance. The recent high was formed at $95,488 and the price started a downside correction. There was a drop below the $94,500 and $94,200 levels. The price dipped below the 50% Fib retracement level of the upward move from the $92,900 swing low to the $95,488 high.

However, the bulls were active near the $93,500 support and the 76.4% Fib retracement level of the upward move from the $92,900 swing low to the $95,488 high.

Bitcoin price is now trading above $94,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $94,200 on the hourly chart of the BTC/USD pair.

Bitcoin Price

On the upside, immediate resistance is near the $95,250 level. The first key resistance is near the $95,500 level. The next key resistance could be $96,250. A close above the $96,250 resistance might send the price further higher. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,800 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $95,500 resistance zone, it could start another downside correction. Immediate support on the downside is near the $94,200 level and the trend line. The first major support is near the $93,500 level.

The next support is now near the $92,900 zone. Any more losses might send the price toward the $92,500 support in the near term. The main support sits at $91,200.

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 – $94,200, followed by $93,500.

Major Resistance Levels – $95,250 and $95,500.

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