Bitcoin’s price has soared past $88,000, marking yet another milestone as it currently consolidates around the $90,000 threshold, though it may see a minor pullback in the near future.
The surge saw Bitcoin break through the $88,000 barrier, with the cryptocurrency now trading above $86,500 and above the 100-hourly Simple Moving Average. A bullish trend line is emerging, offering support at $85,200 on the hourly chart of the BTC/USD pair.
Bitcoin’s ascent to a new all-time high of $89,852 began with a significant push above the $85,000 mark, subsequently overcoming resistance at $86,500. The crypto asset is now in a consolidation phase after reaching this peak, reflecting a slight dip below $88,500. Despite this, it remains well above the 23.6% Fibonacci retracement level from its swing low of $78,555 to the high point of $89,852. The supportive trend line on the hourly chart at $85,200 provides additional reassurance.
Currently, Bitcoin is trading above $86,500 along with the 100-hourly Simple Moving Average. However, it may face resistance at $88,500, with more substantial resistance levels around $89,200. Should a decisive move above the $89,200 resistance occur, it could potentially pave the way for an upward trajectory towards $90,000. A confirmed close above this level might further bolster gains, propelling the price towards the $92,000 benchmark, and potentially eyeing the $100,000 resistance level in the longer term.
Conversely, if Bitcoin fails to overcome the $88,500 resistance, we might witness a downward correction. The immediate support on this potential decline is near $87,150, closely followed by major support around $84,500, which aligns with the trend line and the 50% Fibonacci retracement of its recent high and low. Additional support is positioned at the $82,000 zone. Should Bitcoin dip further, it could fall to $80,500 in the short term.
Technical indicators shed more light on the situation: the hourly MACD is losing momentum within the bullish zone, and the hourly RSI for BTC/USD is perched above the 80 level. Key support levels are pinpointed at $87,150 and $84,500, with significant resistance to be encountered at $88,500 and $90,000.
