Recent trends indicate a stabilization in Bitcoin’s price, sparking speculations of an impending substantial rebound. After a recovery wave that went beyond the $80,500 mark, Bitcoin’s value has seen a steady rise, with predictions suggesting a potential surge past the $84,000 and $85,000 thresholds.
Bitcoin demonstrated a commendable recovery wave that exceeded the $81,000 benchmark. Currently, it’s trading above $81,500 and the 100 hourly Simple Moving Average. However, a short-term bullish trend line support at $83,000 on the hourly chart of the BTC/USD pair (data from Kraken) was broken.
If Bitcoin manages to clear the $82,500 and $84,000 levels, it might trigger another increase. Despite a steady price above $78,000, BTC had to face resistance near $84,000 from the bears. After reaching a high of $84,200, the price adjusted to some gains, dipping below the $83,000 level.
In the event of a close above $85,000, Bitcoin’s price could skyrocket further, potentially testing the $86,500 resistance level. If gains continue, the price might even reach the $88,000 or $96,200 mark.
Should Bitcoin fail to surpass the $82,450 resistance zone, a new decline could be on the horizon. The first significant support level is near $79,600 or the 61.8% Fib retracement level of the upward move from the $76,818 low to the $84,200 high. If losses extend, the price might even reach the $77,000 support in the short-term, with the main support sitting at $76,500.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 mark.
Major Support Levels – $80,500, followed by $79,600.
Major Resistance Levels – $82,450 and $84,000.
