Bitcoin Price Surges with Positive Momentum and Key Resistance Levels

Bitcoin’s price is rising above $87,500, showing bullish momentum. Key resistance levels are at $88,800 and $89,500, while support levels are at $88,000 and $87,600. Technical indicators are favourable for continued upside, though failure to breach resistance could lead to a correction to lower support levels.

Bitcoin’s price is currently trading above $87,500, after gathering momentum from support at $85,000. This upward trend suggests potential for further increases, especially if it surpasses the $88,800 resistance level. The price is also comfortably above the 100-hourly Simple Moving Average, indicating a strong bullish position. Observations reveal a supportive bullish trend line at $87,300 on the hourly chart for the BTC/USD pair.

The cryptocurrency has recently remained stable above $84,200, marking a significant rise. From here, Bitcoin managed to breach both $85,500 and $86,200 resistance thresholds, with the bulls pushing the price beyond the $88,000 mark. A peak near $88,800 has established a bullish consolidation as it stays above the 23.6% Fibonacci retracement level of the significant upward movement from $86,400 to $88,800.

With immediate resistance anticipated at approximately $88,600, the critical challenge lies at $88,800. If Bitcoin locks in gains above the $89,500 mark, it may set the stage for another surge towards $90,500, with the possibility of reaching $92,000 on continued upward momentum.

Conversely, should Bitcoin struggle to exceed the $88,800 level, a downside correction may ensue. Immediate support is located around $88,000, succeeded by significant support at $87,600, which aligns with the 50% Fibonacci retracement level from the recent low to high. Further price drops could bring Bitcoin towards the $86,800 zone, with crucial support identified at $85,500.