Aayush Jindal
Key Highlights
- Bitcoin price started a consolidation phase near the $90,000 zone.
- BTC is following a key bullish trend line with support at $90,300 on the 4-hour chart.
- Gold prices started a recovery wave above the $2,600 zone.
- GBP/USD is showing bearish signs below the 1.2700 resistance.
Bitcoin Price Technical Analysis
Bitcoin price remained in a strong uptrend above the $88,000 resistance zone. BTC/USD is consolidating gains and the bulls could soon aim for a move toward $100,000.
Looking at the 4-hour chart, the price climbed higher steadily above the $80,000 and $85,000 resistance levels. The price even settled above the $85,000 zone, the 200 simple moving average (green, 4 hours), and the 100 simple moving average (red, 4 hours).
A new all-time high was formed at $93,346 and the price is now consolidating gains. There was a minor pullback, and the price tested the 23.6% Fib retracement level of the upward move from the $66,780 swing low to the $93,346 high.
However, the bulls are active above the $88,000 level. There is also a key bullish trend line forming with support at $90,300 on the same chart.
On the upside, the price could face resistance near the $93,500 level. The next key resistance is $95,000. A successful close above $95,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $98,800 level or even $100,000.
If not, there might be another downside correction. Immediate support is near the $90,000 level and the trend line. The next key support sits at $88,000.
A downside break below $88,000 might send Bitcoin toward the $85,000 support. Any more losses might send the price toward the $80,000 support zone or the 50% Fib retracement level of the upward move from the $66,780 swing low to the $93,346 high.
Looking at GBP/USD, the pair saw a lot of bearish moves and now struggles to recover above the 1.2700 resistance zone.
Today’s Economic Releases
- Fed's Cook speech.
- Fed's Bowman speech.
