Bitcoin Price Surges Over 10% to Trade Above $86,000

Bitcoin price is up over 10% and trading above $86,000. BTC may aim for a move toward $100,000 in the near term.

Bitcoin started a surge above the $82,500 zone.
The price is trading above $85,000 and the 100 hourly Simple Moving Average.
A bullish trend line is forming with support at $82,500 on the hourly BTC/USD chart (data feed from Kraken).
The pair could rise above the $88,500 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin began an increase above the $80,500 level. BTC cleared the $85,000 resistance and reached a new all-time high of $89,600, currently consolidating gains.

There was a minor decline below the $89,000 level; however, the price remains above the 23.6% Fibonacci retracement level of the upward move from the $78,555 swing low to the $89,600 high. The bullish trend line at $82,500 provides additional support.

Currently, Bitcoin is trading above $86,000 and the 100 hourly Simple Moving Average. Upside resistance is near $88,800, while the first key resistance is around $89,500. A clear move above this level could lead to further increases, with the next significant resistance at $92,500.

A close above $92,500 might initiate additional gains, potentially testing the $95,000 resistance level and targeting $100,000 thereafter.

Are Dips Limited In BTC?

If Bitcoin does not surpass the $88,800 resistance zone, it may begin a downside correction. Immediate support is at $88,000.

The first major support is near $84,000, corresponding to the 50% Fibonacci retracement level of the upward move from the $78,555 swing low to the $89,600 high. Additional support is located at $82,500, where the trend line lies. Further losses could see the price approach the $80,500 support level.

Technical indicators:

Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: Above 80 for BTC/USD.
Major Support Levels: $88,000 followed by $84,000.
Major Resistance Levels: $88,800 and $92,500.