Bitcoin price has started a recovery wave above $88,000. BTC is slowly rising and could rise even more if it reaches $89,600.

• Bitcoin has started a miniature rally above the $88,000 level.
• The price is above $88,500 and the 100-hour straightforward moving average.
• On the hourly chart of the BTC/USD pair (fed with data from Kraken), an upward channel is forming with resistance at $89,600.
• The pair could further recover if it manages to reach above $89,600 and $90,000.

Bitcoin price begins recovery

Bitcoin price remained stable above the $87,000 support. BTC has formed a base and recently started a recovery wave above the $87,500 level.

The price rose above the $88,000 and $88,500 levels. There was a move above the 61.8% Fib retracement level as part of a move down from a high of $91,098 to a low of $86,007. The bulls even pushed the price above $89,000.

Bitcoin is currently trading above $88,500 and the 100-hour straightforward moving average. If the price remains stable above $88,500, it could attempt to rise again. Immediate resistance is near the $89,600 level. Additionally, an upward channel is forming on the hourly chart of the BTC/USD pair with resistance at $89,600.

The first key resistance is located near the $90,000 level as it is close to the 76.4% Fib retracement level in a move down from the high of $91,098 to the low of $86,007. A close above the $90,000 resistance could see the price rise further. In the given case, the price may rise and test the resistance at $90,500. Any further gains could push the price towards the $91,200 level. The next barrier for bulls could be $92,000 and $92,500.

Another rejection in BTC?

If Bitcoin fails to rise above the $89,600 resistance zone, it could begin another decline. Immediate support is near the $88,800 level. The first major support is near the $88,500 level.

The next support is now near the $87,600 zone. Any further losses could push the price towards the $87,200 support in the near future. The main support is located at $86,000, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major support levels – $88,500 and then $87,200.

Major resistance levels – $89,600 and $90,000.