Bitcoin price started a downside extension below $92,000. BTC is now 
recovering from $89,220 and might face barriers for a fresh increase near 
$92,000. Bitcoin started a recovery wave above $90,000 and $90,500. The price 
is trading above $91,000 and the 100 hourly Simple moving average. There was a 
break above a bearish trend line with resistance at $90,750 on the hourly 
chart of the BTC/USD pair (data feed from Kraken). The pair might continue to 
move up if it stays above the $90,000 zone. Bitcoin Price Attempts Recovery 
Bitcoin price failed to stay above $91,500 and started a downside correction. 
BTC dipped below $92,000 and $91,200 to enter a short-term bearish zone. The 
price even dipped below $90,500 and tested $90,000. A low was formed at 
$89,225 and the price is now attempting a fresh increase. There was a move 
above $90,500. The price climbed higher above the 23.6% Fib retracement level 
of the recent decline from the $93,770 swing high to the $89,225 low. Besides, 
there was a break above a bearish trend line with resistance at $90,750 on the 
hourly chart of the BTC/USD pair. Bitcoin is now trading above $91,000 and the 
100 hourly Simple moving average. If the price remains stable above $90,500, 
it could attempt a fresh increase. Immediate resistance is near the $92,000 
level and the 50% Fib retracement level of the recent decline from the $93,770 
swing high to the $89,225 low. The first key resistance is near the $92,650 
level. The next resistance could be $93,500. A close above the $93,500 
resistance might send the price further higher. In the stated case, the price 
could rise and test the $94,000 resistance. Any more gains might send the 
price toward the $94,500 level. The next barrier for the bulls could be 
$95,000 and $95,500. Another Decline In BTC? If Bitcoin fails to rise above 
the $92,500 resistance zone, it could start another decline. Immediate support 
is near the $91,250 level. The first major support is near the $90,500 level. 
The next support is now near the $90,000 zone. Any more losses might send the 
price toward the $89,250 support in the near term. The main support sits at 
$88,000, below which BTC might accelerate lower 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 – $91,250, followed by $90,500. Major Resistance 
Levels – $92,500 and $93,500.

Bitcoin Price Recovery Bid Emerges, Resistance Still Looms Large

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Cryptocurrency price in UAH