Bitcoin price has started a fresh surge above $92,500. BTC is now correcting some gains and may return to the support zone at $90,500.

• Bitcoin has started a fresh rally above the $92,000 zone.
• The price is above $92,000 and Straightforward’s 100-hour moving average.
• A bearish trend line is forming on the hourly chart of the BTC/USD pair (fed with data from Kraken) with resistance at $93,750.
• The pair may continue to rise if it remains above the $90,500 zone.

Bitcoin price faces resistance

Bitcoin price stayed above the $91,500 zone and started a fresh rally. BTC gained momentum to break above the $92,200 and $92,500 resistance levels.

Before the recall occurred, the price had even risen to over $94,000. The price dropped and exceeded the level of $91,250. It has recently rebounded, rising to $93,771, and is now showing signs of another decline. There has been a move below the 50% Fib retracement level resulting from the recent upward move from the low of $91,230 to the high of $93,771.

Bitcoin is currently trading above $92,000 and the 100-hour straightforward moving average. If the price remains stable above $92,000, it may try to rise again. Immediate resistance is near the $93,200 level. The first key resistance is near the $93,500 level. A bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $93,750.

The next resistance could be $94,000. A close above the $94,000 resistance could see the price rise further. In the given case, the price may rise and test the resistance at $95,000. Any further gains could push the price towards the $95,800 level. The next barrier for bulls may be $96,200 and $96,500.

More flaws in BTC?

If Bitcoin does not rise above the $93,500 resistance zone, it could begin another decline. Immediate support is near the $92,000 level. The first major support is located near the $91,800 level or the 76.4% Fib retracement level resulting from the recent upward move from the low of $91,230 to the high of $93,771.

The next support is now near the $90,500 zone. Any further losses could push the price towards the $90,200 support in the near future. The main support is located at the $90,000 level, below which BTC may accelerate in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Main support levels – $92,000 and then $90,500.

Major resistance levels – $93,500 and $94,000.