Bitcoin's price has risen more than 10%, trading above $86,000. BTC shows no signs of stopping and could reach $100,000 in the short term.
Bitcoin has started to soar again above $82,500.
The price is currently above $85,000 and the 100-hour simple moving average.
On the hourly chart of BTC/USD, a connecting bullish trend line has formed, with support at $82,500.
The currency pair may continue to break through the resistance area of $88,500.
Bitcoin's price has reached a new all-time high.
Bitcoin's price has started a new round of increases above $80,500. BTC broke through the resistance level of $85,000, setting a new all-time high. It reached a peak of $89,600 and is currently consolidating its gains.
A slight decline occurred after breaking below the level of $89,000. However, the price remains well above the 23.6% Fibonacci retracement level from the swing low of $78,555 to the high of $89,600. A connecting bullish trend line has also formed on the hourly chart of BTC/USD, with support at $82,500.
Bitcoin's price is currently trading above $86,000 and the 100-hour simple moving average. On the upside, the price may face resistance near $88,800. The first key resistance level is around $89,500.
If there is a clear breakout above the resistance level of $89,500, the price could rise. The next key resistance level may be $92,500.
A close above the resistance level of $92,500 could trigger further increases. In this case, the price could rise and test the resistance level of $95,000. Any further increase could push the price towards the resistance level of $100,000.
Is the decline of BTC limited?
If Bitcoin fails to break through the resistance area of $88,800, it may begin a downward correction. The direct support level on the downside is around $88,000.
The first major support level is around $84,000, which is the 50% Fibonacci retracement level of the upward move from the low of $78,555 to the high of $89,600. The next support level is now in the $82,500 region and near the trend line.
If the price declines further, it may drop to the support level of $80,500 in the short term.
