The Bitcoin price has found support and initiated a recovery wave above $88,000. BTC is currently on the rise and may attempt to break the $89,000 resistance.
- Bitcoin began a recovery wave above the $88,000 threshold.
- The price is trading over $88,000 and surpassing the 100 hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $88,750 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may continue climbing if it trades above the $89,500 region.
Resistance Ahead for Bitcoin Price
The Bitcoin price has managed to remain in a positive zone above $85,500 and has started a recovery wave. BTC has gained momentum, moving above $87,000 and $87,200 levels.
The price has surpassed the 50% Fib retracement level from the downward move between the $89,484 swing high and the $86,611 low. The bulls have pushed the price above $88,000, establishing it above the 100 hourly Simple Moving Average.
If the price maintains stability above $88,000, it may attempt a fresh recovery wave. Immediate resistance is found near the $88,750 level and the 76.4% Fib retracement level of the downward movement from the $89,484 swing high to the $86,611 low. Additionally, a bearish trend line is forming with resistance at $88,750 on the hourly chart of the BTC/USD pair.
The first key resistance stands near the $89,500 level, with the next close to $89,800. A close above the $89,800 resistance could propel the price higher. In such a scenario, the price may rise, reaching the $90,200 resistance. Further gains could push the price towards $90,500, with future barriers for the bulls at $91,500 and $92,000.
Could BTC Experience Another Decline?
If Bitcoin fails to break above the $89,500 resistance zone, it might begin another decline. Immediate support is located around the $88,000 level, with the first significant support near $87,250.
The next support level is now around the $86,500 zone. Additional losses could drive the price toward the $85,500 support in the near term, while the primary support is at $84,500. Falling below this level might accelerate a decline.
Technical indicators:
Hourly MACD – The MACD has begun to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $88,000, followed by $87,250.
Major Resistance Levels – $88,750 and $89,500.
