Bitcoin is trading at over $86,000 and has risen by more than 10%. BTC shows no sign of slowing down and could aim to reach $100,000 within the next few months.
- Bitcoin has started to surge again above $82,500.
- Above $85,000, the price has traded above 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there is a bullish trendline connecting with the support level of $82,500 (data from Kraken).
- Both could rise further than the resistance level of $88,500.
The Bitcoin price sets another ATH
Bitcoin Price started at a fresh increase Over the level of $80,500. BTC broke through the resistance of $85,000 and reached a new high. It reached an all-time high of $88,600, and it is consolidating the gains.
The price fell below the $89,000 mark. Price is well above 23.6% of Fib’s retracement from $78,555 swing-low to $89600 high. On the hourly BTC/USD chart, there is a bullish connecting trend line with support at 82,500.
Bitcoin is currently trading at $86,000. 100 hourly Simple moving average. Price could be facing resistance on the upside near $88,800. Near the $88,500 mark, we find our first major resistance. The price could move higher if it clears the resistance of $89,500. Next, the price could face resistance at $92,500.
If the price closes above $92,500, it could lead to more gains. The price may rise to test $95,000 as in the case stated. If the price gains more, it could push the price towards the resistance level of $100,000.
What is the limit for dips in BTC currency?
Bitcoin may start to correct downwards if the resistance level of $88,800 is not overcome. Support for the short-term is located near $88,000.
The major first support level is around $84,000, or at the level where the Fib 50% retracement of the move upwards from the swing low $78,555 to the high $89600 has occurred. Next support lies near the 82,500 area and trendline. If the market continues to fall, it could soon reach the $82,500 support.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 80 level.
Major Support Levels – $88,000, followed by $84,000.
Major Resistance Levels – $88,800, and $92,500.
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Source: www.newsbtc.com
