Bitcoin Price Analysis: Will Bulls Break $91,000 Resistance?
Bitcoin Price Analysis: Will Bulls Break $91,000 Resistance?
Bitcoin (BTC) experienced a brief pullback below the $90,000 mark, but the cryptocurrency is demonstrating resilience, potentially signaling a renewed bullish push. Traders are closely watching whether the bulls can overcome significant resistance around $91,000.
Following a climb from the $86,600 support level, BTC briefly surpassed $90,000, reaching a high of $91,839 before consolidating. Currently trading above $88,000 and the 100-hourly Simple Moving Average, the price action is key to determining the next move.
Technical Analysis:
- Resistance: A crucial resistance level lies near $91,000, coinciding with a connecting bearish trend line on the hourly chart (Kraken data). Breaking this resistance is crucial for further bullish momentum. Further resistance levels are anticipated near $91,850, $92,500, $93,450, and $95,000.
- Support: If Bitcoin fails to overcome the $91,000 resistance, a correction could ensue. Immediate support is found near $89,250, with more substantial support at $87,850 (76.4% Fib retracement of the recent upward move) and $86,620. A significant breakdown could target the $83,500 level.
- Indicators: The hourly MACD is showing signs of weakening bearish momentum, while the RSI is above 50, suggesting potential upward pressure. However, these are not definitive signals and should be considered alongside price action.
The Outlook:
The current price action suggests a battle between bulls and bears. A decisive break above $91,000 could signal a continuation of the upward trend, potentially leading to higher price targets. Conversely, failure to clear this resistance could lead to a pullback toward the key support levels mentioned above. Traders should closely monitor price action around the $91,000 level for confirmation of the next significant move.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries significant risk.