CandleFocus Bitcoin Price on the Rise: Is There More Fuel for the Rally?
2024-11-20
Author: Content Editor
The price of Bitcoin has consolidated its gains around the $91,000 mark and is showing signs of aiming for more upside above $94,000. After forming a base, Bitcoin started a fresh increase and reached a new high of $94,000 before experiencing a pullback. Currently, the price is stable and consolidating near $92,000. Bitcoin is trading above $91,000 and the 100 hourly moving average, with a key bullish trend line forming at $90,800. On the upside, the price may face resistance at $92,600 and $93,200, but a close above $94,000 could initiate further gains towards $98,000 and $100,000. However, if Bitcoin fails to rise above the $94,000 resistance, a downside correction could occur with support at $91,700 and $90,700. The MACD indicator is showing a loss of pace in the bearish zone, while the RSI is above the 50 level.
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