Bitcoin Rises Toward $86,960 Resistance
Bitcoin rebounded strongly after reversing from its support level of $82,000.00. According to recent analysis, the cryptocurrency is likely to rise towards the next resistance level of $86,960.00. The support level at $82,000.00 was a former strong resistance from May and September, as seen on the daily Bitcoin chart.
The upward reversal from this support zone started the active short-term impulse wave 3, which belongs to the intermediate impulse wave (3) from the middle of September. Given the strong daily uptrend and predominantly bullish crypto sentiment, Bitcoin can be expected to rise further towards the next resistance level.
The next resistance level of $86,960.00 was the previous minor impulse wave 1's stopping point in the middle of September. This analysis is based on the views of Karthik Subramanian, a founder, writer, and technology consultant with nine years in the crypto ecosystem.