Bitcoin Price Climbs Higher – Signs Point to Further Upside
Bitcoin is gaining momentum, trading above $87,500 and showing signs it could soon break past the $88,800 resistance level.
After finding strong support around $85,000, BTC started a fresh rally, clearing the $85,500 and $86,200 resistance zones. The price surged beyond $88,000 and briefly tested the $88,800 barrier. It's now consolidating gains, holding above the 23.6% Fibonacci retracement level from the $86,400 low to the $88,800 high.
Currently, BTC is comfortably above both the $87,500 level and the 100-hour Simple Moving Average. A bullish trend line on the hourly BTC/USD chart shows support forming near $87,300.
What’s Next?
The immediate resistance sits near $88,600, with a key breakout level at $88,800. A clear move above this zone could open the doors to $89,500, and potentially $90,500. If momentum continues, Bitcoin might even target the $92,000 level.
Possible Pullback?
If Bitcoin fails to clear the $88,800 resistance, a short-term correction could follow. Immediate support lies at $88,000, followed by $87,600 – which is the 50% Fib retracement of the recent upward move. Further downside might bring BTC to $86,800 or even $86,400, with major support seen at $85,500.
Technical Indicators
MACD: Gaining strength in the bullish zone
RSI (Hourly): Holding above the 50 level
Support Levels: $88,000, $87,600
Resistance Levels: $88,800, $89,500
