FxNews—Bitcoin prices remained above the 50-period simple moving average, aiming for the $95,000 barrier. As of this writing, the digital gold trades at approximately $93,900.
As for the technical indicators, the Stochastic Oscillator stepped into the overbought territory, depicting 81 in the description, meaning Bitcoin is overvalued in the short term. On the other hand, the Awesome Oscillator histogram is green, above zero, and rising, indicating the bull market should prevail.
Price Forecast
From a technical perspective, the immediate resistance rests at the 95,000 mark. If Bitcoin prices exceed this mark, the bull trend will likely resume, paving the way for the bulls to $100,000.
Conversely, a new consolidation phase could begin if bears push the BTC/USD below the 50-period moving average at about $88,800. If this scenario unfolds, the consolidation phase could extend to $84,550.