As an analyst with over two decades of experience in the financial markets under my belt, I must admit that the current surge of Bitcoin is nothing short of astonishing. Watching this digital gold climb above $86,000 and showing no signs of stopping is reminiscent of a rocket blasting off into the cosmos.
The cost of Bitcoin has surged more than 10% and is currently trading at around $86,000. There’s no sign that its upward trend will slow down, suggesting it could potentially reach $100,000 soon.
- Bitcoin started a fresh surge above the $82,500 zone.
- The price is trading above $85,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $82,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $88,500 resistance zone.
Bitcoin Price Sets Another ATH
The cost of Bitcoin surged beyond the $80,500 mark, breaking through an earlier resistance level at $85,000 and hitting a record high. Reaching as high as $89,600, Bitcoin is now stabilizing its growth.
The price dropped slightly below the $89,000 mark but remains significantly higher than the 23.6% Fibonacci retracement level based on the upward trend from the $78,555 low to the $89,600 high. Additionally, a rising bullish trend line is developing, offering support at around $82,500 on the hourly chart of the Bitcoin-to-US-Dollar pair.
Currently, Bitcoin’s trading value exceeds $86,000 and is also above its 100-hour Simple Moving Average. As it moves upward, potential obstacles may appear around $88,800. The primary initial resistance lies at approximately $89,500. Overcoming this barrier could lead to further price increases, with the next significant resistance potentially located at $92,500.
If the price breaks through the $92,500 barrier, it may trigger further increases, potentially pushing the price up to challenge the $95,000 resistance point. Should additional growth occur, the price could aim for the $100,000 resistance mark.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $88,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $88,000 level.
1 significant level of resistance can be found around $84,000, which is either the 50% Fibonacci retracement point from the price drop between $78,555 low and $89,600 high or a close approach to the $84,000 mark itself. The next resistance is currently at the $82,500 region, along with a trendline. Further declines may potentially push the price towards the near-term support of $80,500 if it continues.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 80 level.
Major Support Levels – $88,000, followed by $84,000.
Major Resistance Levels – $88,800, and $92,500.
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2024-11-12 05:46