Bitcoin (BTC) Price Eyes More Upsides

Bitcoin price remained stable above the $84,200 level and started a fresh increase. BTC was able to climb above the $85,500 and $86,200 resistance levels.

Bitcoin price remained stable above the $84,200 level and started a fresh increase. BTC was able to climb above the $85,500 and $86,200 resistance levels. The bulls were able to pump the price above the $88,000 resistance. It even spiked and tested the $88,800 resistance zone. A high is formed near $88,800 and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $86,400 swing low to the $88,800 high.

Bitcoin price is now trading above $87,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $87,300 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $88,600 level. The first key resistance is near the $88,800 level. The next key resistance could be $89,500. A close above the $89,500 resistance might send the price further higher. In the stated case, the price could rise and test the $90,500 resistance level. Any more gains might send the price toward the $92,000 level.

If Bitcoin fails to rise above the $88,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $88,000 level. The first major support is near the $87,600 level and the 50% Fib retracement level of the upward move from the $86,400 swing low to the $88,800 high.

The next support is now near the $86,800 zone. Any more losses might send the price toward the $86,400 support in the near term. The main support sits at $85,500.