Bitcoin’s price has initiated a recovery wave beyond the $82,500 threshold. BTC is currently on the rise and may aim for a breakthrough above the $86,500 and $87,200 marks.
- Bitcoin has commenced a solid recovery wave surpassing the $83,000 mark.
- The price is currently trading above $84,500 and the 100-hour Simple Moving Average.
- A connecting bullish trend line is forming, providing support at $85,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may begin another upward movement if it surpasses the $86,200 and $87,000 levels.
Bitcoin Price Aiming for Steady Growth
The price of Bitcoin has remained steady above the $82,000 level, forming a solid base before recently starting to recover above the $83,500 resistance.
The bulls managed to push the price above the $85,000 resistance level, but the bears were active close to the $86,500 resistance area, resulting in a peak at $85,591 before a slight correction occurred, dropping below $85,000.
The price fell below the 23.6% Fibonacci retracement level of the upward movement from the $83,667 swing low to the $85,591 high. Currently, Bitcoin is trading above $85,200 and the 100-hour Simple Moving Average with a bullish trend line supporting it at $85,200 on the hourly chart for the BTC/USD pair.
On the upside, immediate resistance awaits near the $86,000 level, with the primary resistance around $86,500. The subsequent key resistance might be at $87,200. A close above $87,200 could propel the price even higher, potentially testing the $88,500 resistance level. Further gains might push the price towards $88,800 or even $90,000.
Could BTC Experience Another Decline?
If Bitcoin is unable to break through the $86,500 resistance zone, it may trigger a new decline. Immediate downside support is present near the $85,500 level, with the first significant support located around $85,200 or the 50% Fibonacci retracement level of the rise from the $83,667 swing low to the $85,591 high.
The next support level is close to the $84,500 area. Any further losses could push the price down towards the $83,000 support level in the short term, while the major support lies at $81,500.
Technical Indicators:
Hourly MACD – The MACD is currently picking up momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 mark.
Major Support Levels – $85,500, followed by $85,200.
Major Resistance Levels – $86,500 and $87,200.
