Bitcoin price increases over 10% and trades above $86,000. BTC shows no signs of stopping and could be aiming for the $100,000 target in the near future.
Bitcoin begins to surge above $82,500.
The price is trading above $85,000 and the 100-hour simple moving average.
There is a bullish trendline forming with support at $82,500 on the hourly chart of the BTC/USD pair (data from Kraken).
This pair could continue to rise above the resistance of $88,500.
Bitcoin price sets another ATH
Bitcoin price starts to rise above $80,500. BTC has surpassed the resistance level of $85,000 and is trading at a new all-time high. It reached a peak of $89,600 and is currently consolidating its gains.
There is a slight drop below $89,000. However, the price is still well above the 23.6% Fib retracement level of the upward move from the swing low of $78,555 to the high of $89,600. Additionally, there is a bullish trendline forming with support at $82,500 on the hourly chart of the BTC/USD pair.
The price of Bitcoin is currently trading above $86,000 and the 100-hour simple moving average. On the upside, the price may encounter resistance near $88,800. The first significant resistance level is around $89,500. A clear move above the resistance of $89,500 could push the price higher. The next crucial resistance level could be $92,500.
Closing above the resistance of $92,500 could initiate further bullish moves. In that case, the price could rise and test the resistance at $95,000. Any further bullish move could bring the price to the resistance of $100,000.
Is the drop in BTC limited?
If Bitcoin does not surpass the resistance area of $88,800, it may begin to correct downwards. Immediate support on the downside is close to $88,000.
The first major support level is near $84,000 or the 50% Fib retracement of the increase from the swing low of $78,555 to the high of $89,600. The next support level is currently near the $82,500 area and the trendline. Any further losses could push the price down to the support level of $80,500 in the near future.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is currently above 80.
Major support level – $88,000, followed by $84,000.
Major resistance level – $88,800 and $92,500.