Bitcoin (BTC) Prepares for the Next Spike, Is it Time to Buy?

Jakarta, Pintu News – After experiencing significant gains, Bitcoin (BTC) price is now above the $93,200 zone and seems to be preparing to surge higher. With consolidation taking place above the key level, the opportunity for a further increase seems to be opening up. This analysis will delve deeper into the current dynamics in the Bitcoin (BTC) market and the potential direction of the next price move.

Consolidation After a Spike

Bitcoin (BTC) managed to maintain its position above $88,000 and started a new upswing. By successfully breaking through resistance at $90,000 and $91,500, Bitcoin (BTC) showed undeniable market strength. The buyers managed to push the price past the $92,500 resistance, and even touched the $94,650 resistance zone. A peak was recorded near $94,635 before the price finally started consolidating.

After that rise, there was a small drop below the 23.6% Fibonacci retracement level of the upward move from $86,400 to $94,635. Currently, Bitcoin (BTC) is trading above $92,500 and the 100-hour simple moving average. There is also a bullish trend line forming with support at $92,000 on the hourly chart of the BTC/USD pair.

Read More: Crypto Price Surge: What’s Driving Today’s Increase?

Potential Price Increase

In the short term, the immediate resistance is near $94,000. The first key resistance is at $94,200, followed by $94,650. If it manages to break $94,650, Bitcoin (BTC) price could continue its rise. In that scenario, the price could try to break the $95,500 resistance level.

Further gains might push the price towards $96,200. Technical indicators are also showing positive signals. Although the hourly MACD is starting to lose momentum in the bullish zone, the RSI (Relative Strength Index) for BTC/USD is still above the 50 level. This suggests that there are still forces in the market that could push the price higher.

Possible Price Corrections

If Bitcoin (BTC) fails to break the $94,000 resistance zone, there is a possibility of a downward price correction. Immediate support is near $93,000. The first major support is near $92,000 and the trend line. The next support is at the $90,500 zone, which also coincides with the trend line and the 50% Fibonacci retracement level of the rise from $86,400 to $94,635. A further drop would probably take the price towards the $90,000 support in the short term, with the key support being at $88,800.

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With the current consolidation, the Bitcoin (BTC) market shows potential for further upside. Investors and traders should monitor key resistance and support levels to make informed decisions in managing their portfolios. The current market dynamics offer exciting opportunities for those looking for momentum in crypto investments.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andsellingBitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Bitcoin Price Stabilizes at $93,500. Accessed on April 24, 2025
• Featured Image: Generated by AI