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Bitcoin price started a recovery wave above $88,000. BTC is slowly moving higher and might rise further if it clears $89,600.
- Bitcoin started a minor recovery wave above the $88,000 level.
- The price is trading above $88,500 and the 100 hourly simple moving average.
- There is a rising channel forming with resistance at $89,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might recover further if it manages to settle above $89,600 and $90,000.
Bitcoin Price Starts Recovery
Bitcoin price remained stable above the $87,000 support. BTC formed a base and recently started a recovery wave above the $87,500 level.
The price climbed above the $88,000 and $88,500 levels. There was a move above the 61.8% Fib retracement level of the downward move from the $91,098 swing high to the $86,007 low. The bulls even pushed the price above $89,000.
Bitcoin is now trading above $88,500 and the 100 hourly simple moving average. If the price remains stable above $88,500, it could attempt a fresh increase. Immediate resistance is near the $89,600 level. Besides, there is a rising channel forming with resistance at $89,600 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $90,000 level since it is close to the 76.4% Fib retracement level of the downward move from the $91,098 swing high to the $86,007 low. A close above the $90,000 resistance might send the price further higher. In the stated case, the price could rise and test the $90,500 resistance. Any more gains might send the price toward the $91,200 level. The next barrier for the bulls could be $92,000 and $92,500.
Another Rejection In BTC?
If Bitcoin fails to rise above the $89,600 resistance zone, it could start another decline. Immediate support is near the $88,800 level. The first major support is near the $88,500 level.
The next support is now near the $87,600 zone. Any more losses might send the price toward the $87,200 support in the near term. The main support sits at $86,000, below which BTC might struggle to recover 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 50 level.
Major Support Levels – $88,500, followed by $87,200.
Major Resistance Levels – $89,600 and $90,000.
