Bitcoin continues its meteoric rise as the price surged over 10%, now trading above $86,000. This unprecedented increase shows no signs of slowing down, with speculation growing that BTC could soon target the $100,000 mark.
The latest surge began when Bitcoin pushed past the $82,500 threshold, leading to a breakout above the $85,000 level and a new all-time high of $89,600. Currently, the cryptocurrency is consolidating its gains despite a minor dip below $89,000.
Even with the slight decline, Bitcoin remains well above the critical 23.6% Fibonacci retracement level, which spans from the $78,555 low to the $89,600 peak. A bullish trend line with support around $82,500 is prevalent in the BTC/USD hourly chart, suggesting continued upward momentum.
Now trading comfortably above $86,000 and surpassing the 100-hourly Simple Moving Average, Bitcoin faces potential resistance at $88,800. The first significant resistance lies around $89,500, and overcoming this level could accelerate gains. If achieved, the next milestones would be $92,500 and potentially $95,000. Further gains could propel Bitcoin towards the highly anticipated $100,000 level.
Should Bitcoin struggle to breach the $88,800 resistance, a downside correction may ensue. Immediate support is identified at $88,000, with the first major fallback at $84,000, or the 50% Fibonacci retracement of the upward movement. Additional support is likely around the $82,500 trend line. Further declines might bring the price down to the $80,500 level in the near term.
Technical indicators signal continued bullish momentum. The hourly MACD is gaining pace in the bullish zone, while the RSI for BTC/USD remains elevated, surpassing the 80 thresholds. Major support levels are pinpointed at $88,000 and $84,000, with key resistance levels observed at $88,800 and $92,500. This ongoing rally puts Bitcoin on an exciting trajectory, with the market closely watching for its next move.
