Bitcoin price is moving higher above the $92,500 zone. BTC is gaining pace and might continue higher above the $94,000 zone in the near term. Bitcoin found support at $88,000 and started a decent upward move. The price is trading above $90,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $90,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $94,000 zone. Bitcoin Price Gains Over 10% Bitcoin price remained stable above the $85,000 level and started a fresh increase . BTC was able to climb above the $88,000 and $90,000 resistance levels. The bulls were able to pump the price above the $92,000 resistance. It even spiked and tested the $94,000 resistance zone. A high is formed near $93,888 and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $86,400 swing low to the $93,888 high. Bitcoin price is now trading above $91,500 and the 100 hourly Simple moving average . There is also a connecting bullish trend line forming with support at $90,150 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $93,500 level. The first key resistance is near the $94,000 level. The next key resistance could be $95,000. A close above the $96,500 resistance might send the price further higher. In the stated case, the price could rise and test the $97,500 resistance level. Any more gains might send the price toward the $98,000 level. Downside Correction In BTC? If Bitcoin fails to rise above the $94,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $92,000 level. The first major support is near the $91,500 level. The next support is now near the $90,150 zone, the trend line, and the 50% Fib retracement level of the upward move from the $86,400 swing low to the $93,888 high. Any more losses might send the price toward the $88,800 support in the near term. The main support sits at $87,500. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $92,000, followed by $90,150. Major Resistance Levels – $94,000 and $95,000.
A former SEC chair has warned that while bitcoin may endure as a form of digital gold, the majority of other crypto tokens are likely to collapse. Bitcoin Has Staying Power, Most Crypto Tokens Don’t, Says Former SEC Head Gary Gensler, former chairman of the U.S. Securities and Exchange Commission (SEC) who exited the agency
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