Aayush Jindal
Key Highlights
- Bitcoin price started a steady increase above the $92,000 resistance.
- A connecting bullish trend line is forming with support at $92,400 on the 4-hour chart of BTC/USD.
- Ethereum price is consolidating above $1,750 and aims for a fresh increase.
- Gold is correcting gains and might decline below the $3,220 support zone.
Bitcoin Price Technical Analysis
Bitcoin price started a fresh increase above the $88,000 zone against the US Dollar. BTC was able to surpass the $90,000 and $92,000 resistance levels.
Looking at the 4-hour chart, the price settled above the $92,000 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). However, the bears seem to be active near the $95,000 and $96,000 levels.
On the upside, the price could face resistance near the $95,500 level. The next key resistance is $96,200. The main resistance could be $96,500. A successful close above $96,500 might start another steady increase.
In the stated case, the price may perhaps rise toward the $98,000 level. Any more gains might call for a test of $100,000.
Immediate support is near the $94,200 level. There is also a connecting bullish trend line forming with support at $92,400 on the same chart. The next key support sits at $90,800 or the 23.6% Fib retracement level of the upward move from the $74,446 swing low to the $95,861 high.
A downside break below $90,800 might send Bitcoin toward the $88,000 support. Any more losses might send the price toward the $85,200 support zone and the 50% Fib retracement level of the upward move from the $74,446 swing low to the $95,861 high.
Looking at Ethereum, the bulls seem to be in control and might soon aim for a move above the $1,850 resistance zone.
Today’s Economic Releases
- US ISM Manufacturing Index for April 2025 – Forecast 48.0, versus 49.0 previous.
- US Initial Jobless Claims - Forecast 224K, versus 222K previous.
