Bitcoin Price Faces Rejection
The price of Bitcoin stabilized above the $88,800 level and began a new upward wave.
Buyers managed to push the price above resistance levels at $90,500 and $92,000.
The price surpassed the $93,500 barrier and reached the resistance area at $94,500, where a recent high of $94,450 was recorded.
After that, the price entered a consolidation phase with a slight drop below the 23.6% Fibonacci level for the upward move from $91,711 to $94,450.
Key technical points:
A bullish trend line has formed with support at $93,100 on the hourly chart for the BTC/USD pair (data from Kraken).
The price is still trading above the $92,000 level and above the 100-hour simple moving average (100 SMA).
If it breaks through the $94,500 area, a new upward wave may begin.
Conversely, if the price fails to break through the resistance, we may see a downward correction to test the $91,200 support.
