Bitcoin price saw a short-term correction from the $93,450 zone. BTC is currently consolidating gains near $87,000 and may attempt another rally in the near future.

• Bitcoin started a downward correction from the $93,450 zone.
• The price is above $87,000 and Basic’s 100-hour moving average.
• On the hourly chart of the BTC/USD pair, a connecting bearish trend line is forming with resistance at the level of $90,000 (powered by data from Kraken).
• The pair could start a up-to-date rally if it holds above the $87,000 zone.

Bitcoin price begins a downward correction

Bitcoin price attempted to continue to rise above the $93,000 level. BTC hit a up-to-date all-time high of $93,435 and recently began a short-term bearish correction.

There was a slight decline below the $90,000 level. The price even dropped below the $88,000 mark. The lowest level was reached at $86,621 and the price is currently consolidating. The stock is slowly moving higher and is trading near the 23.6% Fib retracement level, which is a downward move from a high of $93,435 to a low of $86,621.

Bitcoin price is currently above $87,000 and the 100-hour plain moving average. On the other hand, the price may face resistance near the $90,000 level. A converging bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $90,000.

The trendline is near the 50% Fib retracement level, which is a downward move from a high of $93,435 to a low of $86,621. The first key resistance is near the $90,850 level. A clear move above the resistance at $90,850 could result in a price enhance.

The next key resistance could be $91,500. A close above the resistance at $91,500 may trigger further increases. In this case, the price could move higher and test the resistance level at $93,450. Any further upside could push the price towards the $95,000 resistance level.

More flaws in BTC?

If Bitcoin does not rise above the $90,000 resistance zone, it may begin a downward correction. Immediate downside support is located near the $87,150 level.

The first major support is near the $86,500 level. The next support is now near the $85,280 zone. Any further losses could push the price towards the $82,500 support in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 80 level.

Major support levels – $87,150 and then $86,500.

Major resistance levels – $90,000 and $91,500.