Bitcoin Price Surges Above $86,500 with Potential for Further Gains

Bitcoin (BTC) is trading above $86,500, showing signs of upward momentum.

Support was established at $84,200, leading to a recovery wave.
Current trading is above $85,500 and the 100 hourly Simple Moving Average.
A break occurred above a bearish trend line at $85,000 on the BTC/USD hourly chart.
A further increase is possible if BTC clears the $88,000 level.

Price Movement Overview

Bitcoin stabilized above $83,200 and initiated a fresh increase, surpassing resistance levels at $84,200 and $85,000. A peak was reached near $87,562. The price remains above the 23.6% Fibonacci retracement level from the recent low of $84,007.

Immediate resistance is seen around $87,500, with significant resistance at $88,000 and potential for an increase towards $89,500 or even $90,000.

Potential Downside Risks

If Bitcoin does not breach the $88,000 resistance, a correction may occur. Immediate support is at $87,000, with major support levels identified at:

$86,750
$86,000
$84,850

Technical indicators show a bullish MACD and an RSI above 50.