Bitcoin Surges 10% to $93,888, Bullish Trend Continues

Bitcoin has recently experienced a significant surge, with its price moving higher above the $92,500 zone. This upward momentum has been driven by strong support at the $88,000 level, allowing the cryptocurrency to gain pace and potentially continue its ascent above the $94,000 zone in the near term. The price is currently trading above $90,500 and the 100 hourly Simple Moving Average, indicating a bullish trend. A connecting bullish trend line is forming with support at $90,150 on the hourly chart of the BTC/USD pair, suggesting that the pair could start another increase if it clears the $94,000 zone.

Bitcoin's price has remained stable above the $85,000 level and has started a fresh increase, climbing above the $88,000 and $90,000 resistance levels. The bulls have been able to pump the price above the $92,000 resistance, even spiking and testing the $94,000 resistance zone. A high was formed near $93,888, and the price is consolidating gains above the 23.6% Fib retracement level of the upward move from the $86,400 swing low to the $93,888 high. Bitcoin is now trading above $91,500 and the 100 hourly Simple Moving Average, with immediate resistance near the $93,500 level. The first key resistance is near the $94,000 level, with the next key resistance potentially at $95,000. A close above the $96,500 resistance might send the price further higher, potentially testing the $97,500 resistance level and even rising toward the $98,000 level.

However, if Bitcoin fails to rise above the $94,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $92,000 level, with the first major support near the $91,500 level. The next support is now near the $90,150 zone, the trend line, and the 50% Fib retracement level of the upward move from the $86,400 swing low to the $93,888 high. Any more losses might send the price toward the $88,800 support in the near term, with the main support sitting at $87,500. Technical indicators such as the Hourly MACD and Hourly RSI (Relative Strength Index) are currently in the bullish zone, with the MACD gaining pace and the RSI for BTC/USD above the 50 level. Major support levels are at $92,000 and $90,150, while major resistance levels are at $94,000 and $95,000.