In recent news, Bitcoin’s price has started to show signs of a potential resurgence from its low point in the $82,000 zone. The cryptocurrency is currently trading above $88,500 and is predicted to retest the $95,000 resistance zone.
Bitcoin has initiated a fresh upward trend from the $82,000 zone. The digital asset is trading above $90,000, surpassing the 100 hourly Simple moving average. A significant development was the breach of a connecting bearish trend line with a resistance at $90,000 on the hourly chart of the BTC/USD pair, according to data from Kraken.
However, it’s not all smooth sailing. If Bitcoin is unable to break past the $95,000 resistance zone, it could possibly trigger another drop in value.
After a sharp fall below the $92,000 level, Bitcoin traded under the $90,000 and $88,000 support levels, finally finding support at $82,000. The lowest price recorded was $81,434, after which a recovery wave emerged. This saw Bitcoin rise above the $85,000 and $88,000 resistance levels, with bulls driving the price to surpass the 50% Fibonacci retracement level of the downward move from the $95,000 resistance to the $81,434 low.
If Bitcoin can maintain momentum and break past the $93,500 resistance, it could potentially drive the price even higher, potentially testing the $95,000 resistance level. Further gains might push the price towards the $96,200 level or even as high as $98,000.
However, if Bitcoin fails to breach the $92,000 resistance zone, it could trigger a new decline with immediate support near the $88,000 level. The first major support is near the $86,200 level and the next at the $85,000 zone. If the decline continues, the price could potentially drop towards the $82,000 support in the near term, with the main support residing at $80,000.
Technical indicators suggest that the MACD is gaining pace in the bullish zone and the RSI for BTC/USD is now above the 50 level. Major support levels stand at $88,000 and $85,000, with major resistance levels at $92,000 and $93,500.
