Bitcoin Price Movement

Bitcoin price started a steady increase above the $85,500 zone. BTC is now correcting gains from $88,750 and might find bids near $86,500.

• Bitcoin started a decent recovery wave above the $85,000 zone.
• The price is trading above $86,500 and the 100 hourly Simple Moving Average.
• A connecting bullish trend line is forming with support at $86,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $87,500 and $88,000 levels.

Bitcoin Price Regains Traction

Bitcoin price remained stable above the $83,200 level, forming a base and recovering above the $85,500 resistance level.

The bulls pushed the price above the $88,000 resistance level but faced resistance near $88,800, forming a high at $88,750 before correcting gains. The price dipped below the $88,000 level and the 23.6% Fib retracement level of the upward move from the $83,665 swing low to the $88,750 high. Currently, Bitcoin is trading above $86,200 and the 100 hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $86,800.

Immediate resistance is near the $87,200 level, with key resistance at $87,500 and $88,000. A close above $88,000 may lead to further increases, testing the $88,800 resistance, with potential gains towards $89,500 or even $90,000.

More Losses In BTC?

If Bitcoin fails to rise above $87,500, it could begin a fresh decline. Immediate support is near $86,800 and the trend line, with major support at $86,200 and $85,500. Further losses may target $85,000, with significant support at $84,500.

Technical Indicators:

• Hourly MACD – Losing pace in the bullish zone.
• Hourly RSI – Above the 50 level.

Major Support Levels

• $86,800, followed by $86,200.

Major Resistance Levels

• $87,500 and $88,000.