NewsBTC reports that Bitcoin’s price has held steady above the $85,500 region. There’s speculation that Bitcoin (BTC) is on an upward trajectory and may exceed the resistance level of $88,000. A new recovery wave has been initiated with Bitcoin’s price staying above the $87,000 mark.
Currently, Bitcoin is trading above $87,000, and the 100 hourly Simple Moving Average. An essential bearish trend line is observed, with a resistance of $88,200 on the BTC/USD pair’s hourly chart (data provided by Kraken). If the pair can surpass the $88,000 and $88,200 resistance levels, another increase could be triggered.
Bitcoin’s price has managed to remain stable above the $85,500 threshold. A foundation was established by BTC, leading to a recovery wave that crossed the $86,200 resistance level. The bulls drove the price past the $87,000 resistance level, and a significant upward shift was observed. The price managed to exceed the 50% Fibonacci retracement level of the recent downward correction, which ranged from an $88,259 swing high to an $85,853 swing low.
Right now, Bitcoin’s price is trading above $86,500, alongside the 100 hourly Simple Moving Average. The immediate resistance on the upside is around the $87,700 level, and the 76.4% Fibonacci retracement level of the recent downward correction, ranging from the $88,259 swing high to the $85,853 swing low.
The first significant resistance is around the $88,000 level. The next potential resistance could be $88,200. A bearish trend line is also forming, with resistance at $88,200 on the hourly chart of the BTC/USD pair. If Bitcoin’s price exceeds the $88,200 resistance, the price could surge even higher. Under these circumstances, the price could test the $89,500 resistance level. Further gains could propel the price towards the $90,000 or even $90,500 level.
However, if Bitcoin fails to surpass the $88,200 resistance zone, a new decline might be initiated. Immediate support on the downside is around the $87,000 level. The first significant support is near the $86,500 level. The next support is around the $85,500 zone. Any further losses could push the price towards the $85,000 support in the near term. The primary support is at $84,500.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $87,000, followed by $86,500.
Major Resistance Levels – $88,000 and $88,200.
