The Bitcoin price has been on a steady upward trajectory, surpassing the $86,500 benchmark. However, BTC seems to be in a consolidation phase and could be seeking support around the $87,000 mark.
Significantly, Bitcoin managed a robust recovery wave that took its price higher than the $87,000 zone. The cryptocurrency is currently trading above $86,800, backed by the 100-hourly simple moving average. An encouraging bullish trend line is also forming, showing support at $87,400 on the hourly BTC/USD chart, based on the data from Kraken.
This pair could potentially trigger another surge if it breaks through the resistance levels at $88,000 and $88,800.
Bitcoin has held firm above the $84,200 threshold, forming a solid base before initiating a recovery wave that broke through the $86,500 resistance. The bulls managed to push the price past the $88,000 resistance level, but were met with resistance from the bears around the $88,800 mark.
After the price dipped below the $88,000 mark, it tested the 50% Fibonacci retracement level of the upward swing from the $86,306 low to the $88,500 high. The Bitcoin price is currently trading higher than $86,500, and the 100 hourly Simple moving average, showing a bullish trend line forming with support at $87,400 on the hourly BTC/USD chart.
On the upside, the immediate resistance is around the $88,000 level. The first significant resistance is near the $88,500 level, followed by a possible resistance at $88,800. If the price manages to close above the $88,800 resistance, we could see a further upward trend, potentially testing the $89,500 resistance level. Any additional gains could propel the price towards the $90,000, or even $90,500 mark.
However, if Bitcoin fails to break through the $88,000 resistance zone, it might trigger a fresh decline. The immediate support on the downside is near the $87,400 level and the trend line. The first major support is around the $87,150 level or the 61.8% Fibonacci retracement level of the upward swing from the $86,306 low to the $88,500 high.
The next support is near the $86,500 zone. Any further losses might drive the price towards the $85,000 support in the near term, with the main support sitting at $84,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $87,400, followed by $87,150.
Major Resistance Levels – $88,000 and $88,800.
