Bitcoin’s price has initiated a recovery wave, surging past the $82,500 threshold. Currently, BTC is on an upward trajectory and appears poised to challenge resistance levels around $86,500 and $87,200.
- Bitcoin commenced a notable recovery above the $83,000 mark.
- The price is currently trading well above $84,500, alongside the 100 hourly Simple Moving Average.
- A bullish trend line is taking shape, providing support at $85,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair stands to gain further traction if it breaks through the $86,200 and $87,000 barriers.
Bitcoin Price Eyes Steady Increase
Bitcoin price has maintained stability above the $82,000 level, establishing a solid base and recently embarking on a recovery wave past the $83,500 resistance level.
Momentum from bulls propelled the price beyond the $85,000 resistance, though bears were quick to set up near the $86,500 zone. A peak was noted at $85,591 before the price underwent correction, dipping below the $85,000 mark.
This retracement saw Bitcoin fall below the 23.6% Fibonacci retracement level pertaining to the upward movement from the $83,667 swing low to the $85,591 high. Currently, Bitcoin trades above $85,200 and the 100 hourly Simple Moving Average, with a connecting bullish trend line emerging as support at $85,200 on the hourly chart of the BTC/USD pair.
For upward movement, immediate resistance is spotted near the $86,000 level. The first significant resistance is found at $86,500, followed by the next key level at $87,200. A close above $87,200 might propel the price higher, potentially reaching the $88,500 resistance. Further gains could see the price surge toward $88,800 or even $90,000.
Potential for Another Dip in BTC?
If Bitcoin fails to breach the $86,500 resistance area, it may initiate a fresh decline. Immediate support on the downside lies around $85,500, with the first major support near the $85,200 level, also aligning with the 50% Fibonacci retracement level of the upward move from the $83,667 swing low to the $85,591 high.
Additional support is applicable near the $84,500 area. Should losses continue, the price may dip towards the $83,000 support in the near term. The established main support level sits at $81,500.
Technical Indicators:
- Hourly MACD: The MACD is currently gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.
- Major Support Levels: $85,500, followed by $85,200.
- Major Resistance Levels: $86,500 and $87,200.
