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Bitcoin price rose above $88,000. BTC is currently consolidating gains near $90,000 and may decline slightly in the near term.
- Bitcoin expanded its gains and traded above the $88,000 level.
- The price is trading above $86,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline attached with support at $85,200.
- If it stays above the $85,000 area, the pair could continue to rise.
Bitcoin price sets another ATH
Bitcoin price began a new rise above the $85,000 level. BTC cleared the $86,500 resistance level and traded at a new all-time high. It hit a high of $89,852 and is currently consolidating gains.
It fell slightly below the $88,500 level. However, the price is still well above the 23.6% Fib retracement level of the rise from the $78,555 swing low to the $89,852 high. On the hourly chart of the BTC/USD pair, there is also a connecting bullish trendline with support at $85,200.
Bitcoin price is currently trading above $86,500 and the 100-hour simple moving average. On the other hand, the price may face resistance near $88,500. The first major resistance is near the $89,200 level.
A clear break above the $89,200 resistance could push the price higher. The next major resistance could be $90,000. A break above the $90,000 resistance could lead to further gains. If indicated, the price could move higher to test the $92,000 resistance level. Any more profits could push the price towards the $100,000 resistance level.
BTC’s downward correction begins?
If Bitcoin fails to rise above the $88,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $87,150 level.
The first major support is near the $84,500 level or trendline or the 50% Fib retracement level of the rise from the $78,555 swing low to the $89,852 high. The next support level is now near $82,000. More losses could push the price towards the $80,500 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 80 level.
Key support levels – $87,150, $84,500.
Key resistance levels – $88,500 and $90,000.