Bitcoin Price Analysis

Bitcoin price remained supported above the $85,500 zone and is now rising, potentially aiming for a move above the $88,000 resistance.

• Bitcoin started a fresh recovery wave above the $87,000 zone.
• The price is trading above $87,000 and the 100-hourly Simple Moving Average.
• A key bearish trend line is forming with resistance at $88,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could begin another increase if it clears the $88,000 and $88,200 levels.

Bitcoin Price Remains Supported

Bitcoin price has remained stable above $85,500, forming a base and recently starting a recovery wave above the $86,200 resistance level.

The bulls have pushed the price above $87,000, leading to a decent upward movement that cleared the 50% Fibonacci retracement level of the recent downside correction from the $88,259 swing high to the $85,853 swing low.

Currently, Bitcoin is trading above $86,500 and the 100-hourly Simple Moving Average. Immediate resistance is near the $87,700 level and the 76.4% Fibonacci retracement level. The first key resistance is near $88,000, with the next at $88,200. A key bearish trend line is also forming with resistance at $88,200 on the hourly chart of the BTC/USD pair.

A close above the $88,200 resistance may propel the price higher, potentially testing the $89,500 level. Further gains might send the price toward $90,000 or even $90,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $88,200 resistance zone, it could enter a fresh decline. Immediate support is near $87,000, followed by $86,500. The next support level is at $85,500, with significant losses pushing the price down toward $85,000 in the near term. The main support sits at $84,500.

Technical Indicators:

• Hourly MACD: Gaining pace in the bullish zone.
• Hourly RSI: Above the 50 level for BTC/USD.

Major Support Levels:

• $87,000
• $86,500

Major Resistance Levels:

• $88,000
• $88,200