Bitcoin‘s price is slowly crawling above $86,500, like a snail that’s just had a double espresso. Is it gaining momentum? Or is this the beginning of another wild ride?
- Bitcoin found support at $84,200, like a child finding their favorite blankie, and started its recovery phase.
- The price is trading above $85,500 and the 100-hourly Simple Moving Average. So, it’s officially on a roll.
- It broke through a pesky bearish trend line with resistance at $85,000 on the hourly BTC/USD chart (data courtesy of Kraken, because who doesn’t love Kraken?).
- If Bitcoin manages to clear the $88,000 mark, we might see some fireworks. Or at least, a few tweets from crypto enthusiasts.
Bitcoin’s Steady Climb: Will It Last?
Bitcoin has stayed calm above the $83,200 level, then proceeded to climb like a determined climber going after that summit. The currency has broken through the $84,200 and $85,000 resistance levels like a boss.
It even managed to pierce through a bearish trend line, and suddenly, it’s above $86,500. A little victory dance is in order. Bitcoin even spiked past $87,000, topping out at $87,562. It seems ready for more upward motion, but only if it doesn’t dip below that pesky 23.6% Fib retracement level (yes, those Fibonacci numbers have a mind of their own).
Bitcoin is now comfortably trading above $86,500 and the 100-hourly Simple Moving Average. On the upside, it has some resistance at $87,500, which seems like the first hurdle in its race to glory.
The next hurdle? $88,800. Break through that, and we might just see Bitcoin aiming for the $89,500 level. Who knows? Maybe it’ll take a swing at the $90,000 mark too. Who’s counting at this point?
Will Bitcoin Hit a Wall?
Of course, it’s not all sunshine and rainbows. If Bitcoin fails to power through the $88,000 resistance zone, it could face a downward correction, which is just a fancy way of saying, “it’s going to fall, probably.” Immediate support is near $87,000, so don’t get too excited just yet.
On the downside, the first major support zone is near $86,750, followed by the $86,000 level. Any further losses could send Bitcoin tumbling toward $85,750, or even the 50% Fib retracement level (oh, those Fibonacci guys again!). But fear not, the main support zone sits comfortably at $84,850, which should give it a soft landing—unless the crypto world decides to panic, which, let’s face it, could happen any minute.
Technical indicators:
Hourly MACD – The MACD is currently gaining pace in the bullish zone. It’s like it’s had too much coffee.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is comfortably above 50, so Bitcoin is feeling pretty good about itself.
Major Support Levels – $86,750, followed by $86,000. So, it’s got a few cushiony options if it falls.
Major Resistance Levels – $87,500 and $88,000. Watch out for these, they might be the tough cookies Bitcoin needs to break.
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2025-04-21 05:49