The price of Bitcoin has initiated a gradual increase, surpassing the $85,500 threshold. Currently, BTC is correcting from its recent high of $88,750 and may encounter buying interest around $86,500.
- Bitcoin has begun a solid recovery above the $85,000 mark.
- The price remains above $86,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trend line is emerging, offering support at $86,800 on the hourly chart for the BTC/USD pair (data feed from Kraken).
- If the pair breaks through the $87,500 and $88,000 levels, it could initiate another upward movement.
Bitcoin Price Shows Positive Momentum
The price of Bitcoin has remained steady above the $83,200 mark. BTC has established a foundation and has recently shown a recovery movement above the $85,500 resistance.
The bulls managed to push the price beyond the $88,000 resistance level, although selling pressure was notable near the $88,800 resistance zone. A peak was reached at $88,750, followed by a correction that brought the price below the $88,000 level.
The price dipped under the 23.6% Fibonacci retracement level of the upward momentum from the swing low of $83,665 to the peak of $88,750. Currently, Bitcoin is trading above $86,200 and the 100 hourly Simple Moving Average. Additionally, a bullish trend line is being formed with support at $86,800 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is anticipated around the $87,200 mark. The first key resistance level is found near $87,500, with the following key resistance potentially at $88,000.
A close above the $88,000 resistance may propel the price higher. In such a scenario, the price could potentially test the $88,800 resistance level. Further gains might push the price towards $89,500 or even the $90,000 mark.
Potential for Further Losses in BTC?
The next level of support lies near the $85,500 area. Any additional losses could lead the price towards the $85,000 support level shortly. The major support is positioned at $84,500.
Technical indicators:
Hourly MACD – The MACD is losing momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 mark.
Major Support Levels – $86,800, followed by $86,200.
Major Resistance Levels – $87,500 and $88,000.
