Will Bitcoin Embrace the Support or Break Free? 😂emie

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Bitcoin, with its ever-so-steady rise above the $86,500 barrier, now finds itself in a gentle correction, perhaps flirting with the $87,000 mark, or perhaps not. Who knows? Only the charts do, and they won’t tell.

  • Bitcoin, like a stubborn child, began a notable recovery wave, creeping above the $87,000 zone, much to everyone’s amusement.
  • The price is somehow floating above $86,800 and the 100 hourly Simple Moving Average, as if it’s on a secret mission to confuse all traders.
  • A bullish trend line, almost as invisible as the people who claim to understand the crypto market, is forming with support at $87,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • BTC, ever the ambitious one, could aim for a new high, provided it conquers the $88,000 and $88,800 levels, which are as insurmountable as a paywall on a tech blog.

Bitcoin, the ever-stable maverick, held firm above the $84,200 level. It formed a base, much like a sandcastle on a windy beach, and recently initiated a recovery wave above the $86,500 resistance, a level as respected as a pop-up ad.

The bulls, as always, pushed the price above the $88,000 resistance, but the bears, being bears, were active near the $88,800 resistance, a zone as impenetrable as a tech CEO’s privacy settings. A recent swing high at $88,500 led to a minor correction, dropping the price below the $88,000 level, a move as predictable as a cat chasing a laser pointer.

The price dipped and tested the 50% Fib retracement level of the upward move from the $86,306 swing low to the $88,500 high. Bitcoin, always the survivor, is now trading above $86,500 and the 100 hourly Simple Moving Average. A connecting bullish trend line, as trustworthy as a New Year’s resolution, is forming with support at $87,400 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $88,000 level, a resistance as obvious as a spam email. The first key resistance is near the $88,500 level, a level as notable as a viral TikTok trend. The next significant resistance could be $88,800, a level as daunting as a mountain to a snail.

A close above the $88,800 resistance might send the price soaring even higher. In such a case, the price could rise and test the $89,500 resistance level, a level as lofty as a unicorn’s horn. Any further gains might send the price toward the $90,000 level, or even the mystical $90,500, a level as rare as a four-leaf clover.

More Losses In BTC?

If Bitcoin, the fickle one, fails to rise above the $88,000 resistance, it might start a fresh decline, a move as inevitable as a Monday morning. Immediate support on the downside is near the $87,400 level and the trend line, a level as comforting as a warm blanket. The first major support is near the $87,150 level or the 61.8% Fib retracement level of the upward move from the $86,306 swing low to the $88,500 high, a level as precise as a Swiss watch.

The next support is now near the $86,500 zone, a level as solid as a brick wall. Any more losses might send the price toward the $85,000 support in the near term, a level as comforting as a cup of tea. The main support sits at $84,500, a level as unshakable as a rock.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone, a move as subtle as a hammer hitting a thumb.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, a level as neutral as a Switzerland-flag emoji 🇨🇭.

Major Support Levels – $87,400, followed by $87,150, levels as reliable as a politician’s promise.

Major Resistance Levels – $88,000 and $88,800, levels as formidable as a fortress gate.

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2025-03-26 06:06