Bitcoin Price Gains Momentum Eyes Break Above $88,800
Bitcoin is showing strong upward momentum currently trading above $87,500 and the 100 hour simple moving average (SMA). After rebounding from key support at $85,000, BTC is steadily climbing and approaching a critical resistance level.
BTC found solid support near $85,000 and resumed its upward trajectory.
The price broke past key levels at $85,500 and $86,200, eventually testing the $88,800 resistance.
A bullish trend line is forming with support near $87,300 on the hourly BTC/USD chart.
Immediate resistance is seen at $88,600, with major hurdles at $88,800 and $89,500.
A confirmed close above $89,500 could trigger a rally toward $90,500 and potentially $92,000.
Technical Indicators:
The MACD is gaining strength in the bullish zone.
RSI for BTC/USD is above 50, signaling positive momentum.
On the downside: If BTC fails to clear the $88,800 resistance, a correction could follow. Immediate support lies at $88,000, with key levels at $87,600 (50% Fibonacci retracement) and $86,800. Major support stands strong at $85,500.
Support Levels: $88,000, $87,600, $86,800 Resistance Levels: $88,800, $89,500, $90,500
