Bitcoin Price Pauses at $90K: Is This a Breather Before the Next Move?
13 November 2024 - 4:07AM
NEWSBTC
Bitcoin price extended gains above $88,000. BTC is now
consolidating gains near $90,000 and might see a minor decline in
the near term. Bitcoin extended its increase and traded above the
$88,000 zone. The price is trading above $86,500 and the 100 hourly
Simple moving average. There is a connecting bullish trend line
forming with support at $85,200 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair could continue to rise if it
stays above the $85,000 zone. Bitcoin Price Sets Another ATH
Bitcoin price started a fresh increase above the $85,000 level. BTC
cleared the $86,500 resistance and traded to a new all-time high.
It posted a high at $89,852 and is currently consolidating gains.
There was a minor decline below the $88,500 level. However, the
price is still well above the 23.6% Fib retracement level of the
upward move from the $78,555 swing low to the $89,852 high. There
is also a connecting bullish trend line forming with support at
$85,200 on the hourly chart of the BTC/USD pair. Bitcoin price is
now trading above $86,500 and the 100 hourly Simple moving average.
On the upside, the price could face resistance near the $88,500
level. The first key resistance is near the $89,200 level. A clear
move above the $89,200 resistance might send the price higher. The
next key resistance could be $90,000. A close above the $90,000
resistance might initiate more gains. In the stated case, the price
could rise and test the $92,000 resistance level. Any more gains
might send the price toward the $100,000 resistance level. Start of
Downside Correction In BTC? If Bitcoin fails to rise above the
$88,500 resistance zone, it could start a downside correction.
Immediate support on the downside is near the $87,150 level. The
first major support is near the $84,500 level or the trend line or
the 50% Fib retracement level of the upward move from the $78,555
swing low to the $89,852 high. The next support is now near the
$82,000 zone. Any more losses might send the price toward the
$80,500 support in the near term. Technical indicators: Hourly MACD
– The MACD is now losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now above the 80
level. Major Support Levels – $87,150, followed by $84,500. Major
Resistance Levels – $88,500, and $90,000.
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