Bitcoin Bulls Aren’t Backing Down: Rally Continues? 📈
Bitcoin has experienced a short-term price correction below the $90,000 mark but is showing signs of a fresh rally. Currently, BTC is trading above $88,000, with its performance surpassing the 100 hourly Simple moving average. A noteworthy resistance level is $91,000, formed by a connecting bearish trend line on the hourly chart of the BTC/USD pair.
If Bitcoin manages to clear the $91,000 resistance, bullish momentum could carry the price above $91,850, opening the path toward $92,500 and potentially testing $93,450. Any further gains might reach upward to $95,000, as indicated by technical analysis.
However, if BTC fails to breach the $91,000 limit, a downside correction could transpire. The nearest support is placed at $89,250, followed by a significant one at $87,850. Any additional declines might take the price down to the $86,620 zone or even $83,500.
Technical indicators reveal the MACD is losing pace within the bearish zone, while the RSI for the BTC/USD pair is positioned above 50, supporting a potentially bullish outcome if resistance is overcome.
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