Bitcoin Surges 2% to $88,800, Bullish Momentum Continues

Bitcoin's price has been on an upward trajectory, surpassing the $87,500 mark and showing signs of continued momentum. The cryptocurrency found support at $85,000 and has since been gaining pace, trading above the 100 hourly Simple Moving Average. A bullish trend line is forming with support at $87,300 on the hourly chart of the BTC/USD pair, indicating potential for further increases.

Bitcoin's recent performance has been marked by a steady climb above key resistance levels, including $85,500 and $86,200. The bulls have successfully pushed the price above the $88,000 resistance, with a high formed near $88,800. The price is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $86,400 swing low to the $88,800 high.

Looking ahead, immediate resistance for Bitcoin is near the $88,600 level, with key resistance at $88,800. If the price manages to close above the $89,500 resistance, it could potentially rise to test the $90,500 resistance level, with further gains targeting the $92,000 level. However, if Bitcoin fails to rise above the $88,800 resistance zone, it could start a downside correction, with immediate support near the $88,000 level and major support at $87,600 and the 50% Fib retracement level.

Technical indicators suggest a bullish outlook for Bitcoin, with the MACD gaining pace in the bullish zone and the RSI for BTC/USD above the 50 level. Major support levels are identified at $88,000 and $87,600, while major resistance levels are at $88,800 and $89,500. The overall momentum signals more room for Bitcoin to run, with potential for further gains in the near term.