Bitcoin Price Analysis

Bitcoin price started a steady increase above the $86,500 zone. BTC is now correcting gains and might find bids near the $87,000.

• Bitcoin started a decent recovery wave above the $87,000 zone.
• The price is trading above $86,800 and the 100 hourly Simple Moving Average (SMA).
• There is a connecting bullish trend line forming with support at $87,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $88,000 and $88,800 levels.

Bitcoin Price Starts Consolidation

Bitcoin price remained stable above the $84,200 level. It formed a base and started a recovery wave above the $86,500 resistance level.

The bulls pushed the price above the $88,000 resistance level, but bears were active near the $88,800 resistance zone. The recent swing high was formed at $88,500, and the price corrected some gains, moving below the $88,000 level.

The price dipped, testing the 50% Fibonacci retracement level of the upward move from the $86,306 swing low to the $88,500 high. Bitcoin is now trading above $86,500 and the 100 hourly SMA, with a bullish trend line forming at $87,400.

Immediate resistance is near $88,000, with key levels around $88,500 and $88,800. A close above $88,800 might propel the price further to $89,500 and potentially toward $90,000 or $90,500.

More Losses In BTC?

If Bitcoin fails to rise above the $88,000 resistance zone, it could decline. Immediate support is near the $87,400 level and the trend line, with major support at $87,150 (the 61.8% Fibonacci level of the upward move).

The next support is near the $86,500 zone, and further losses may push the price down to around $85,000 or $84,500.

Technical Indicators:

• Hourly MACD – The MACD is losing pace in the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

Major Support Levels

• $87,400
• $87,150

Major Resistance Levels

• $88,000
• $88,800