The price of Bitcoin has begun a significant recovery phase above $88,000. Currently, BTC is stabilizing below $89,000 and may be poised for a further increase.
- Bitcoin initiated a recovery move beyond the $87,500 mark.
- The price is trading above $87,500 and the 100 hourly Simple Moving Average.
- A bullish trend line is emerging with support at $87,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If the price settles above the $89,100 zone, the pair may continue to rise.
Bitcoin Price Targets Further Gains
Bitcoin price made an effort to recover above both $87,500 and $88,000. BTC surpassed the $88,800 resistance and reached the $90,500 mark.
A peak was established at $90,552, and the price is currently consolidating its gains. There was a slight retreat below $89,000 and $88,500 as the price fell under the 23.6% Fib retracement level from the upward movement starting at the $84,420 low to the $90,552 high.
The current trading price of Bitcoin is above $87,800 and is above the 100 hourly Simple Moving Average. Additionally, a bullish trend line is forming with support at $87,900 on the hourly chart for the BTC/USD pair.
Should the price maintain stability above the trend line, it might seek additional gains. Immediate resistance is located close to the $89,100 mark. The first significant resistance is around $89,500, followed by another at $90,500. If the price manages to close above the $90,500 resistance, it could rise further and potentially test the $92,000 resistance. Any additional gains might push the price towards $92,500. The next obstacles for the bulls could be at $93,200 and $93,500.
Could BTC Experience Another Decline?
If Bitcoin struggles to break above the $89,500 resistance zone, it may initiate another decline. Immediate support is present near the $88,000 level and the trend line. The first major support lies at approximately $87,500.
The next support level is near the $86,750 zone and aligns with the 61.8% Fib retracement level from the rise starting at $84,420 up to the $90,552 peak. Further declines may see the price approach the $85,450 support in the short term. The primary support sits at $84,500; dropping below this level could accelerate BTC’s decline.
Technical indicators:
Hourly MACD – The MACD is currently slowing down within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has dipped below the 50 level.
Major Support Levels – $88,000, followed by $87,500.
Major Resistance Levels – $89,500 and $90,500.
