Bitcoin Price Gains 10%: Is The $100K Dream Closer Than Ever?

Bitcoin price is up over 10% and trading above $86,000. BTC is showing no signs of stopping and might aim for a move toward $100,000 in the near term.

• 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 started a fresh increase above the $80,500 level. BTC cleared the $85,000 resistance and traded to a new all-time high. It posted a high at $89,600 and is currently consolidating gains.

There was a minor decline below the $89,000 level. However, the price is still well above the 23.6% Fib retracement level of the upward move from the $78,555 swing low to the $89,600 high. There is also a connecting bullish trend line forming with support at $82,500 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $86,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $88,800 level. The first key resistance is near the $89,500 level. A clear move above the $89,500 resistance might send the price higher. The next key resistance could be $92,500.

A close above the $92,500 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $100,000 resistance level.

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.

The first major support is near the $84,000 level or the 50% Fib retracement level of the upward move from the $78,555 swing low to the $89,600 high. The next support is now near the $82,500 zone and the trend line. Any more losses might send the price toward the $80,500 support in the near term.

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.