News/NewsBTC/ Bitcoin has recently experienced a slight recovery after a significant drop below the $86,000 threshold. As the cryptocurrency corrects its losses, it faces hurdles at the $84,000 and $85,000 markers.
Bitcoin’s value dipped under the $85,000 zone, trading under $84,000 and below the 100 hourly Simple Moving Average (SMA). A key bearish trend line was broken with resistance at $82,000 on the BTC/USD hourly chart, based on data from Kraken. However, the cryptocurrency could see another decline if it doesn’t surpass the $84,000 resistance zone.
After dipping below $85,000, Bitcoin’s value went further down, breaching the $82,000 and $80,000 support levels. The price even hit the $76,500 support zone, with a low of $76,818. However, a recovery wave has started, with the price moving above the $78,000 and $80,000 resistance levels. Bullish activity has pushed the price above the 23.6% Fibonacci retracement level of the decline from the $91,060 high to the $76,818 low.
The first key resistance is near the $84,000 level. The 50% Fib retracement level of the downward move from the $91,060 high to the $76,818 low is also close to $84,000. The next significant resistance could be $85,000. If the price manages to close above $85,000, it could potentially rise to test the $86,500 resistance level and even reach up to $96,200.
However, another drop for Bitcoin is possible if it fails to break the $84,000 resistance zone. Immediate support on the downside is near the $81,200 level, followed by major supports near the $80,000 and then $78,000 levels. Any more losses could send the price back to the $76,500 support in the short term, with the most critical support sitting at $75,000.
Technical indicators:
- Hourly MACD – The MACD is currently losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
- Major Support Levels – $81,000, followed by $80,000.
- Major Resistance Levels – $84,000 and $85,000.
