Bitcoin climbed above $88,000 as traders tested resistance levels near $89,000, though a bearish trend line formed at $88,750 on hourly charts. The cryptocurrency maintained support above the 100-hour simple moving average while bulls probed for upside control.
What Happened: Recovery From Support
Bitcoin found support above $85,500 and initiated a recovery wave that pushed prices above $87,000 and $87,200.
The price advanced past the 50% Fibonacci retracement level of the decline from the $89,484 swing high to the $86,611 low.
Bulls drove Bitcoin above $88,000, placing the cryptocurrency above its 100-hour simple moving average. Immediate resistance formed near $88,750 and the 76.4% Fibonacci retracement level of the recent downward move, according to hourly chart data from Kraken.
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Why It Matters: Upside Potential
A sustained move above $88,000 could trigger a fresh recovery wave targeting $89,500 as the first key resistance. The next resistance levels sit at $89,800, with a close above that threshold potentially sending prices toward $90,200 and $90,500.
Further gains could push Bitcoin toward $91,500 and $92,000.
However, failure to breach $89,500 could initiate another decline with support at $88,000 and major support at $87,250.
The hourly MACD gained pace in bullish territory while the Relative Strength Index climbed above 50.
Additional support levels are positioned at $86,500 and $85,500, with main support at $84,500.
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