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The Bitcoin price rose above $88,000. BTC is now consolidating gains near $90,000 and could see a small decline in the near term.
- Bitcoin extended its rise and traded above the $88,000 zone.
- The price is trading above USD 86,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $85,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it remains above the $85,000 zone.
Bitcoin price sets another ATH
Bitcoin price started a new increase above the USD 85,000 level. BTC managed to overcome the USD 86,500 resistance and traded to a new all-time high. It made a high at $89,852 and is currently consolidating gains.
There was a small decline below the $88,500 level. However, the price is still well above the 23.6% Fib retracement level of the upward move from the $78,555 swing low to the $89,852 high. A connecting bullish trendline is also forming with support at $85,200 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $86,500 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance around the $88,500 level. The first major resistance is near the $89,200 level.
A clear move above the USD 89,200 resistance could push the price higher. The next major resistance could be at USD 90,000. A close above the $90,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 92,000 resistance level. Any further gains could send the price towards the $100,000 resistance level.
Beginning of Downward Correction in BTC?
If Bitcoin fails to rise above the USD 88,500 resistance zone, a downward correction could occur. The immediate downside support is near the $87,150 level.
The first major support is near the $84,500 level or the trendline or the 50% Fib retracement level of the upward move from the $78,555 swing low to the $89,852 high. The next support is now near the $82,000 zone. Any further losses could send the price towards the USD 80,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 80 level.
Major support levels – USD 87,150, followed by USD 84,500.
Major resistance levels – $88,500 and $90,000.