The price of bitcoin reversed its upward trend and fell below the $90,000 support zone recently. Now that it is increasing, Bitcoin may have a difficult time breaking beyond the $90,500 zone.
The $92,500 zone marked the beginning of a drop to the downside for Bitcoin.
The price is currently trading below $90,000 and the simple moving average for the 100 hourly time frame.
There is a bearish trend line that is building on the hourly chart of the Bitcoin to US Dollar pair, and the resistance is located at $90,650.
Providing that the pair maintains its position above the $90,500 zone, it may continue to trend upward.
The price of bitcoin is aiming for a new increase.
In an attempt to move above the $92,000 and $92,500 levels, the price of bitcoin was unable to increase its strength. By trading below the $90,500 support level, Bitcoin (BTC) initiated a pullback to the downside.
Even further, the price went down below the $88,000 support level. On the other hand, bulls were active in the vicinity of the $87,500 zone. An all-time low was established at $87,582, and the price is currently heading upward. The downward move from the swing high of $93,561 to the low of $87,582 was broken over the 23.6% Fibonacci retracement level. This occurred during the downward direction.
A price of $90,000 and the 100 hourly simple moving average are both below the current price of bitcoin. If the bulls continue to be active, there is a possibility that the price will attempt to go up again. Near the $90,000 level is where immediate resistance is located. The first significant barrier is located close to the level of $90,500. In addition, a bearish trend line is building on the hourly chart of the Bitcoin to US Dollar pair, and it is meeting resistance at $90,650 currently.
The subsequent level of resistance might be $92,000. A price that closes over the $92,000 resistance level has the potential to propel the price farther higher. If the scenario is true, the price can go up and put the resistance level of $92,500 to the test. Should there be any further rises, the price may come closer to the threshold of $93,200. It's possible that the next obstacle for the bulls is between $94,000 and $94,500.
A Further Fall in Bitcoin Price?
There is a possibility that Bitcoin will begin another slide if it is unable to break through the resistance zone of $90,500. Near the $88,550 level is where immediate support is located. The initial significant support is located close to the $88,000 level.
Close to the $87,500 zone is where the next support is located. Should the price sustain any further losses, it may move closer to the $86,500 support level in the near future. In the short term, Bitcoin may experience a decline in price if it falls below $85,000, which is the primary support level.
Significant Support Levels: $88,550, followed by $88,000 as the next level.
The $90,000 and $90,500 levels represent major resistance levels.
