Bitcoin Surges 5% to $93,200, Bullish Trend Continues

Bitcoin's price has shown significant movement, surging above the $93,200 mark and consolidating gains. The cryptocurrency has been trading above $91,500 and the 100 hourly Simple Moving Average, indicating a bullish trend. A connecting bullish trend line with support at $92,000 on the hourly chart of the BTC/USD pair suggests that Bitcoin could continue its upward trajectory if it clears the $94,650 resistance zone.

Bitcoin's price has remained stable above the $88,000 level, with a fresh increase pushing it above the $90,000 and $91,500 resistance levels. The bulls have managed to drive the price above the $92,500 resistance, even testing the $94,650 resistance zone. A high was formed near $94,635, and the price has since consolidated gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $86,400 swing low to the $94,635 high.

Currently, Bitcoin is trading above $92,500 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is near the $94,000 level, with the first key resistance near $94,200. The next key resistance could be $94,650. A close above this resistance might send the price further higher, potentially testing the $95,500 resistance level and even rising toward the $96,200 level.

However, 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 $93,000 level, with the first major support near the $92,000 level and the trend line. The next support is near the $90,500 zone, the trend line, and the 50% Fib retracement level of the upward move from the $86,400 swing low to the $94,635 high. Any more losses might send the price toward the $90,000 support in the near term, with the main support sitting at $88,800.

Technical indicators show that the MACD is now losing pace in the bullish zone, while the RSI for BTC/USD is now above the 50 level. Major support levels are at $93,000 and $92,000, while major resistance levels are at $94,000 and $94,650. The current price action suggests that Bitcoin is gearing up for another leg up, but a failure to break above the $94,000 resistance zone could lead to a downside correction.