Bitcoin Surges 3.5% to $87,562, Bullish Trend Intact

Bitcoin's price has been steadily increasing, surpassing the $86,500 mark and showing signs of further upward momentum. The cryptocurrency found support at $84,200 and initiated a recovery, trading above $85,500 and the 100 hourly Simple Moving Average. A notable break above a connecting bearish trend line with resistance at $85,000 on the hourly chart of the BTC/USD pair has been observed, indicating a bullish trend.

Bitcoin's price has remained stable above the $83,200 level, with a fresh increase pushing it above the $84,200 and $85,000 resistance levels. The bulls successfully pumped the price above the $86,500 resistance, even spiking above $87,000. A high was formed near $87,562, and the price is expected to continue rising unless it moves below the 23.6% Fib retracement level of the upward move from the $84,007 swing low to the $87,562 high.

Currently, Bitcoin is trading above $86,500 and the 100 hourly Simple Moving Average. Immediate resistance is near the $87,500 level, with the first key resistance at $88,000. If Bitcoin can clear the $88,000 zone, it could start another increase, potentially testing the $89,500 resistance level and even rising toward the $90,000 level. However, if it fails to rise above the $88,000 resistance zone, a downside correction could occur, with immediate support near the $87,000 level and the first major support near the $86,750 level.

Technical indicators suggest a bullish trend, with the MACD gaining pace in the bullish zone and the RSI for BTC/USD above the 50 level. Major support levels are at $86,750 and $86,000, while major resistance levels are at $87,500 and $88,000. The next key resistance could be $88,800, and a close above this level might send the price further higher. Any more losses might send the price toward the $85,750 support or the 50% Fib retracement level of the upward move from the $84,007 swing low to the $87,562 high in the near term. The main support sits at $84,850.