Bitcoin has surged over 10%, breaking past $86,000 and showing no signs of stopping as it potentially aims for the $100,000 mark. The cryptocurrency initiated a fresh rally above the $82,500 zone, pushing past the $85,000 threshold and the 100-hour simple moving average.
Currently, there is a bullish trend line with support at $82,500 on the hourly chart of the BTC/USD pair. Bitcoin’s upward momentum led to a new all-time high of $89,600 before encountering minor resistance, causing a slight pullback below $89,000. Despite this dip, the price remains above the 23.6% Fibonacci retracement level from its $78,555 swing low to its $89,600 high.
As Bitcoin consolidates around $86,000 and maintains its position above the 100-hour simple moving average, it faces potential resistance at the $88,800 level. A breakthrough beyond this could clear the path towards another key resistance at $89,500. Should it surpass $89,500, Bitcoin may target $92,500 next. Closing above this level could spark further gains, potentially driving the price to test $95,000 and eventually approach the $100,000 resistance level.
However, if Bitcoin fails to conquer the $88,800 resistance, a downside correction may ensue. Immediate support could be found around $88,000, with more significant backing at the $84,000 level or the 50% Fibonacci retracement level of the recent climb. A further decline could see Bitcoin resting at the $82,500 support zone, reinforced by the trend line, and any additional losses might push it back towards the $80,500 support in the short term.
Technical indicators show bullish momentum, with the hourly MACD gaining pace and the RSI for BTC/USD hovering above the 80 mark. Key support levels are identified at $88,000 and $84,000, while resistance stands at $88,800 and $92,500. The market remains optimistic as Bitcoin edges closer to monumental new highs, spurring speculation of a remarkable rise to $100,000.
