Bitcoin ’s price has recently surged above $88,000, breaking through significant resistance levels and approaching a new high of about $89,852. Currently, the cryptocurrency is consolidating its gains near the $90,000 level, though it may experience a slight pullback in the near future.
Following a strong upward momentum, Bitcoin successfully surpassed the $85,000 level, accelerating past the $86,500 resistance that helped pave the way for its record-setting climb. The price remains well positioned, trading above $86,500 and the 100-hour simple moving average. A bullish trend line is in place, providing additional support at around $85,200 on the hourly chart.
If Bitcoin maintains its position above the $85,000 level, there’s potential for further progression. However, encountering resistance close to $88,500 could limit immediate gains. Should the price clear this barrier, the next significant resistance point is expected around $89,200, which could trigger a rally towards the psychological $90,000 level. A sustained close above this level might encourage additional upward movement, possibly leading the price toward $92,000 and even targeting the elusive $100,000 threshold.
Conversely, if Bitcoin struggles to breach the $88,500 level, the market may witness a correction. In such a scenario, initial support is likely to emerge around $87,150, with more substantial support found at $84,500. This critical support level corresponds to the 50% retracement of the upward movement from previous lows. Should selling pressure intensify, this could drive Bitcoin towards the $82,000 region, with a potential decline extending to the $80,500 support zone.
Technical indicators reveal a mixed outlook; while the hourly MACD shows signs of waning bullish momentum, the RSI remains elevated above 80, reflecting strong market interest. Overall, traders will be watching key resistance levels at $88,500 and $90,000, alongside essential support at $87,150 and $84,500, to gauge Bitcoin ’s next moves.
