- Bitcoin maintains bullish momentum as support holds firm above the $92K price level
- Altcoins and Ethereum-based tokens show continued strength amid gold price decline
- RSI and MACD hint at strong momentum, but slight BTC consolidation may soon follow
Bitcoin continued its consolidation phase while showing steady upward momentum. As per Michaël van de Poppe, an analyst analysis, despite several intraday pullbacks, the price trend remained bullish.
Altcoins, on the other hand, continued to outperform the broader market. Analysts also pointed to the Ethereum ecosystem as a strong outperformer, even as Ethereum’s price gained only modestly.
Gold prices slipped further, drawing investor attention back toward risk assets. This divergence between digital assets and traditional safe havens marked a growing appetite for risk among traders. Hence, the focus has shifted toward altcoins and Ethereum-based tokens for stronger returns.
Bitcoin’s latest price action showed a healthy pattern of gains and corrections. At the time of writing, BTC traded near $93,702, posting a 1.42% gain over 24 hours.
The upward trend on the chart reflected investor confidence and a solid pattern of higher lows. This pattern suggested bullish sentiment is still intact. Besides, the price repeatedly bounced from key support zones, confirming strong buy interest.
Support Levels Hold Steady as Price Eyes Crucial Resistance Zone
Two support levels have held firm amid market fluctuations. The first sits at $92,400, marking the base of the recent pullback. This level has acted as a floor for buyers. Additionally, $93,000 served as a short-term cushion, as BTC rebounded multiple times from this point.
On the upside, resistance zones remained a hurdle. The price struggled to break through $94,000 to $94,100, a strong near-term barrier. Moreover, minor resistance appeared between $93,800 and $93,900. This zone caused brief rejections before downward price moves. Hence, clearing this range could set the stage for a more decisive upward breakout.
Momentum Indicators Suggest Continued Strength
Momentum indicators provided further insight into Bitcoin’s trend. The MACD showed a strong bullish signal. The MACD line remained well above the signal line, with expanding distance. Green histogram bars also increased in size, signaling strengthening bullish momentum.
The RSI stood at 67.51, not yet overbought but nearing the threshold. This hinted at robust buying pressure, though a short-term cooling-off could occur. Hence, some consolidation or minor pullback may follow before any continued rally.
