Public account: Lazy King Squirrel

Bitcoin price hits a new all-time high

The price of Bitcoin is holding above $91,000. BTC has formed a bottom and is starting a new upward trend above $92,000. It broke through the $94,000 level and hit a new high of $94,980, before experiencing a pullback.

The price fell below the $94,200 level. The price fell below the 23.6% Fibonacci retracement level of the upward trend from the $91,500 swing low to the $94,980 high. However, the price has stabilized and is consolidating around $94,200.

The Bitcoin price is currently trading above $93,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, a bullish trend line has also formed, with support at $93,800.

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From an upward perspective, the price may face resistance around $94,800. The first key resistance level is around $95,000. If the $95,000 resistance level is clearly broken, the price may rise further. The next key resistance level may be $98,000.

A close above the $98,000 resistance level may trigger further gains. In this case, the price may rise and test the $100,000 resistance level. Further upside could push the price towards the $102,000 resistance level.

Will BTC see a downward correction again?

If Bitcoin fails to break above the $95,000 resistance area, it may start a downward correction. The immediate support on the downside is around $93,700.

The first major support is around $92,800, which is the 61.8% Fibonacci retracement level of the upward trend from the $91,500 low to the $94,980 high. The next support is now around the $91,500 area. If the price falls further, it may drop to the $90,000 support level in the short term.