Bitcoin price has recently extended its gains, surpassing the $88,000 mark and setting a new all-time high at $89,852. Currently, it is consolidating around $90,000, with minor fluctuations anticipated.
The cryptocurrency is trading above critical support levels, notably at $86,500 and the 100 hourly Simple moving average, suggesting a bullish trend. A crucial trend line with support at $85,200 further strengthens this upward trajectory.
However, Bitcoin faces resistance at the $88,500 level, with significant resistance levels noted at $89,200 and $90,000. Surpassing these levels could potentially open the path towards $92,000, and eventually $100,000.
In contrast, failing to breach the $88,500 resistance might trigger a downside correction. The immediate support level is near $87,150, while major support levels are identified at $84,500, $82,000, and $80,500 respectively.
Key technical indicators include the MACD, which is in the bullish zone, and the RSI, now above the 80 level. Major support and resistance levels are calculated at $87,150 and $84,500, and $88,500 and $90,000 respectively.
