Bitcoin Surges 2.5% to $85,850, Eyes $90,000 Milestone

Bitcoin has recently shown signs of bullish momentum, with its price surging above the $83,500 mark. This upward trend has led to speculation about whether the cryptocurrency could reach the $90,000 milestone. The price is currently consolidating gains and is trading above $83,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $84,200 on the hourly chart of the BTC/USD pair, indicating a potential for further gains.

Bitcoin's recent price action has been characterized by a fresh increase above the $82,500 zone, forming a base and gaining momentum to move above the $83,000 and $83,500 resistance levels. The bulls have pushed the price above the $84,500 resistance, reaching a high of $85,850 before starting a downside correction. Despite dipping below the $84,000 support and the 23.6% Fib retracement level, the bulls have remained active near the $83,000 zone, leading to a recovery in losses. The price is now trading above $83,500 and the 100 hourly Simple moving average, with immediate resistance near the $85,000 level and key resistance at $85,500. If Bitcoin can clear the $85,500 zone, it could potentially rise to test the $87,500 resistance level and even approach the $88,000 mark.

However, if Bitcoin fails to rise above the $85,500 resistance zone, it could start another decline. Immediate support on the downside is near the $84,200 level and the trend line, with the first major support near the $83,200 level. The next support is near the $82,200 zone and the 50% Fib retracement level, with any further losses potentially sending the price toward the $81,500 support in the near term. The main support sits at $80,800.

Technical indicators suggest that the MACD is now gaining pace in the bullish zone, while the RSI for BTC/USD is now above the 50 level. Major support levels are at $84,200 and $83,500, while major resistance levels are at $85,500 and $85,850. The bullish trend line and the technical indicators suggest that Bitcoin has the potential for further gains, but it will need to clear key resistance levels to reach the $90,000 milestone. According to the analyst's forecast, if Bitcoin can sustain its bullish momentum and clear the $85,500 resistance zone, it could potentially reach the $90,000 mark in the near future. However, it will need to overcome key resistance levels and maintain support at key levels to achieve this goal.