Bitcoin ’s value has seen a remarkable increase of over 10%, currently hovering above $86,000. The cryptocurrency appears to be on a bullish trajectory, with analysts anticipating a potential target of $100,000 in the near future.
The recent surge began when Bitcoin surpassed the $82,500 level, establishing a solid foundation for further upward movement. As trading advances, the price remains above the crucial $85,000 level and the 100-hourly Simple Moving Average. A bullish trend line is emerging, positioning the $82,500 level as a significant support area on the hourly chart for the BTC/USD pair.
Following a fresh rally, Bitcoin reached a new all-time high, briefly touching $89,600, before entering a consolidation phase. While there was a slight retracement below the $89,000 level, the price remains well-supported above the 23.6% Fibonacci retracement level from the recent low of $78,555 to the new high of $89,600. Current trading levels suggest an upward momentum, yet Bitcoin may encounter resistance around $88,800, with the primary obstacle being situated at $89,500. A decisive breakthrough at this level could propel the price towards $92,500.
If Bitcoin manages to maintain a position above the $92,500 resistance, further gains could follow, potentially testing the $95,000 mark next and advancing towards the significant $100,000 level.
However, should Bitcoin struggle to break through the $88,800 resistance, a downward correction could unfold. Immediate support is identified around the $88,000 price level, with more substantial support resting at $84,000, which aligns with the 50% Fibonacci retracement level. The $82,500 area, alongside the emerging bullish trend line, serves as another critical support zone as the price stabilizes.
