Bitcoin price started a steady increase and cleared the $92,000 resistance. BTC is now consolidating and might dip toward the $92,000 support.
Bitcoin Price Faces Resistance
In the last few days, Bitcoin price saw a decent increase above the $85,000 resistance zone. The price surpassed a few key hurdles near the $90,000 resistance zone to enter a positive zone, as discussed in the previous analysis. There was a clear move above the 50% Fib retracement level of the downward move from the $109,550 swing high to the $74,500 low.
BTC even climbed above the $95,000 resistance and traded close to the $98,000 zone. A high is formed at $97,915 and the price is now consolidating gains.
Bitcoin price is now trading well above the $90,000 pivot level and the 50-day simple moving average (blue). These are all positive signs and suggest that the bulls could aim for a fresh increase.
If there is a downside correction, the price might find bids near the $92,500 level or the 23.6% Fib retracement level of the upward move from the $74,501 swing low to the $97,915 high. There is also a key rising channel forming with support near $92,000 on the daily chart.
A downside break and close below the $92,000 support might spark more losses and send the price further lower. In the stated case, Bitcoin could test the $90,000 support.
The next key support could be $86,200, the 50% Fib retracement level of the upward move from the $74,501 swing low to the $97,915 high, and the 50-day simple moving average (blue). If the bulls fail to protect the 50-day simple moving average (blue), the price could face heavy selling pressure.
Another Increase after Consolidation In BTC?
On the upside, immediate resistance is near the $95,500 level. The first major resistance is near the $96,500 level. The main resistance could be near the $98,000 zone. A close above the $98,000 resistance might spark more upsides.
The next stop BTC price could be the $100,000 level, above which the price could rise toward the $101,200 level. A daily close above the $101,200 resistance zone could push the price toward the $102,500 level. Any more gains might call for a test of $105,000.
Overall, Bitcoin is showing positive signs and might soon attempt a move above the $98,000 resistance zone. If BTC dips, the bulls could protect the $86,200 support zone in the coming days.
