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The Bitcoin price has risen more than 10% and is trading above $86,000. BTC shows no signs of stopping and could aim for a move towards $100,000 in the near term.
- Bitcoin started a new rise above the $82,500 zone.
- The price is trading above $85,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $82,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $88,500 resistance zone.
Bitcoin price sets another ATH
Bitcoin price started a new increase above the USD 80,500 level. BTC managed to overcome the USD 85,000 resistance and traded to a new all-time high. It made a high at $89,600 and is currently consolidating gains.
There was a small decline below the $89,000 level. However, the price is still well above the 23.6% Fib retracement level of the upward move from the $78,555 swing low to the $89,600 high. A connecting bullish trendline is also forming with support at $82,500 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $86,000 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 88,800 level. The first major resistance is around the $89,500 level. A clear move above the USD 89,500 resistance could push the price higher. The next major resistance could be at USD 92,500.
A close above the $92,500 resistance could lead to more gains. In the said case, the price could rise and test the USD 95,000 resistance level. Any further gains could send the price towards the $100,000 resistance level.
Are dips limited in BTC?
If Bitcoin fails to rise above the USD 88,800 resistance zone, a downward correction could occur. The immediate downside support is near the $88,000 level.
The first major support is near the $84,000 level or the 50% Fib retracement level of the upward move from the $78,555 swing low to the $89,600 high. The next support is now near the $82,500 zone and the trendline. Any further losses could send the price towards the USD 80,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 80 level.
Major support levels – USD 88,000, followed by USD 84,000.
Major resistance levels – $88,800 and $92,500.
