Bitcoin Price Uptrend Holds: Steady Climb Toward New Highs

NewsBTC · 2024-11-20T18:41:41+00:00

Bitcoin's price is steadily rising above $92,000, supported by the 100 hourly Simple moving average. A bullish trend line connecting support at $93,800 is forming, and the price may break the $95,000 resistance level, with the next key resistance at $98,000. Immediate support is available at $93,700, followed by $92,800.

NewsBTC

2024-11-20 18:41:41

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Bitcoin price is rising steadily above the $92,000 zone. BTC is showing positive signs and might continue to rise above the $95,000 level.

Bitcoin started a fresh increase above the $92,000 zone.
The price is trading above $92,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $93,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if it clears the $95,000 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin price remained supported above the $91,000 level. BTC formed a base and started a fresh increase above the $92,000 level. It cleared the $94,000 level and traded to a new high at $94,980 before there was a pullback.

There was a move below the $94,200 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. However, the price is stable and consolidating near the $94,200 level.

Bitcoin price is now trading above $93,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $93,800 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $94,800 level. The first key resistance is near the $95,000 level. A clear move above the $95,000 resistance might send the price higher. The next key resistance could be $98,000.

Source: BTCUSD on TradingView.comA close above the $98,000 resistance might initiate more gains. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 resistance level.

Another Downside Correction In BTC?

If Bitcoin fails to rise above the $95,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $93,700 level.

The first major support is near the $92,800 level or the 61.8% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. The next support is now near the $91,500 zone. Any more losses might send the price toward the $90,000 support in the near term.

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 – $93,800, followed by $92,800.

Major Resistance Levels – $94,800, and $95,000.

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