Bitcoin has once again surged past $87,500, signaling renewed bullish momentum as it tests a key resistance level. Following strong support near $85,000, BTC/USD managed to rally and briefly touch $88,800, moving beyond several immediate resistance zones.
Currently, the price is consolidating in a tight range, maintaining position above both the $87,500 level and the hourly 100 simple moving average. An emerging bullish trend line near $87,300 adds more weight to the short-term support observed by traders.
Key Price Levels to Watch
- Resistance: $88,800, $89,500, and $90,500
- Support: $88,000, $87,600, and $86,800
If Bitcoin can break and hold above the $88,800 resistance, analysts believe it could trigger a move toward $89,500 and possibly $90,500. A sustained breakout above $90,000 would signal a new phase in the bullish cycle, with targets extending as high as $92,000.
On the flip side, if Bitcoin fails to clear the $88,800 resistance, the market may see a short-term pullback. Close attention will be paid to the support zones at $88,000, $87,600, and $86,800 for signs of resilience.
Technical Indicators
- The hourly MACD is gaining strength in positive territory.
- The RSI is comfortably above 50, suggesting momentum remains with the bulls.
The broader sentiment remains positive, with several indicators pointing to the potential for more short-term gains. As Bitcoin approaches this major inflection point, market participants are closely monitoring the next moves to determine if a new leg higher is imminent.
For more in-depth analysis, see the original article on TradingView News.
