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Bitcoin prices are slowly rising above the $86,500 area. BTC is accelerating its pace and may continue to be higher in the near term.
- Bitcoin found support at $84,200 and started the wave of recovery.
- Prices are above the $85,500 and the 100-hour simple moving average.
- On the hourly table of the BTC/USD pair (Kraken’s feed) there is a stumbling trend line on the connected bearish trend line with a resistance of $85,000.
- If the pair clears the $88,000 area, the couple may add up again.
Bitcoin price increases steadily
Bitcoin prices remained stable above the $83,200 level and began a new rise. BTC was able to climb to resistance levels of $84,200 and $85,000.
On the hourly table of the BTC/USD pair, the bearish trend line and resistance are $85,000 on the linked bearish trend line. The Bulls were able to turn resistors at a price of more than $86,500. It even exceeds $87,000. The high-forming price is close to $87,562, and the price may continue to rise unless it drops from the $84,007 swing to the $87,562 high selling price below the 23.6% FIB retracement level.
Bitcoin Price is now trading at over $86,500, a simple moving average per hour. On the plus side, immediate resistance is close to the $87,500 level. The first key resistance is the $88,000 level.
The next key resistance could be $88,800. Turning off resistors above $88,800 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $89,500. More gains may shift the price to the $90,000 level.
Downlink correction for BTC?
If Bitcoin fails to exceed the $88,000 resistance zone, downlink correction can be started. Immediately support on the negative side approaching the $87,000 level. The first major support is close to the $86,750 level.
Now, the next support is near the $86,000 area. Any more loss could shift the price to a $85,750 support or a 50% FIB retracement level, moving upward from a $84,007 swinger to a $87,562 high in the short term. The main support is $84,850.
Technical indicators:
Hourly MACD – MACD is now accelerating its pace in the bullish area.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $86,750, followed by $86,000.
Major resistance levels – $87,500 and $88,000.
