Bitcoin Price on the Rise: Is There More Fuel for the Rally?
2024-11-20

Bitcoin price is consolidating gains near the $91,000 zone. BTC is holding gains and might soon aim for more upsides above the $94,000 level.
Bitcoin Price Could Rally Again
Bitcoin price remained supported above the $90,000 level. BTC formed a base and started a fresh increase above the $91,000 level. It cleared the $93,000 level and traded to a new high at $94,000 before there was a pullback.
There was a move below the $93,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $89,400 swing low to the $94,000 high. However, the price is stable and consolidating near the $92,000 level.
Bitcoin price is now trading above $91,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $90,800 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $89,400 swing low to the $94,000 high.
On the upside, the price could face resistance near the $92,600 level. The first key resistance is near the $93,200 level. A clear move above the $93,200 resistance might send the price higher. The next key resistance could be $94,000.
A close above the $94,000 resistance might initiate more gains. In the stated case, the price could rise and test the $98,000 resistance level. Any more gains might send the price toward the $100,000 resistance level.
Another Pullback 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 $91,700 level.
The first major support is near the $90,700 level. The next support is now near the $89,500 zone. Any more losses might send the price toward the $87,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $91,700, followed by $90,700.
Major Resistance Levels – $92,600, and $94,000.