Aayush Jindal of News BTC claims that Bitcoin is currently stable at $90,000, and that we can expect new gains. Bitcoin managed to rise above $93,000 last night, and is now trading above some important support lines.
According to Jindal, we need to stay above $85,400 to see more gains for Bitcoin.
Bitcoin price of $85,400 is crucial
For his analysis, Jindal looks at the hourly chart of Bitcoin, which allows him to paint a slightly more short-term picture of the price.
Based on that analysis, he believes it is important that Bitcoin does not fall below $88,400, but even more crucial that we do not lose the level of $85,400.
If Bitcoin trades below that price, then the bullish momentum will have disappeared for a while, according to him, and we may fall further towards $82,500.
So there is sufficient support for Bitcoin, but there are also points where it looks fragile. We should also not forget that the increases of the past few days were explosive, which usually means that the corrections look the same.
Bitcoin Consolidates
After reaching the all-time high of $93,435, Jindal sees the Bitcoin price consolidating, as analysts so nicely call it.According to him, however, the bulls are active around the zone of $88,500, which should provide sufficient support to keep the price in the air.This means that Bitcoin is trading above the important support at $87,500 and the 100-hour moving average of the price. He also sees an important bullish trend line forming with support at $87,200.What do you think? Will we soon rise again with Bitcoin? And will we finally see the price move towards $100,000, or do we need to be more patient for that?