Bitcoin Price Advances Cautiously, Bulls Probe for Upside Control
- Bitcoin price found support above $88,000 and is trading above the key level.
- The price surpassed the $87,000 and $87,200 levels during its recovery wave.
- Immediate resistance is near $88,750 with a bearish trend line forming on the hourly chart.
- Key resistance levels are at $89,500 and potentially at $89,800 if the upward trend continues.
- Major support is identified at $88,000 with further support at $87,250 and below.
Bitcoin’s current trading position above the critical threshold of $88,000 indicates a potential for further gains if it can overcome immediate resistances such as the bearish trend line at $88,750 and key levels like $89,500.
The Bitcoin market remains cautiously optimistic with technical indicators like MACD showing bullish momentum while RSI stays above the neutral mark of fifty. (Source)
