Bitcoin’s value exhibited a resurgence, exceeding the $83,500 mark. The current phase of consolidation might cause difficulties for Bitcoin (BTC) to stabilize above the $85,500 zone.
BTC displayed a notable recovery, pushing past the $83,500 zone. It’s being traded over $83,000 and above the 100-hourly Simple Moving Average. A supporting bullish trend line is being formed with a base at $84,500 on the hourly chart of the BTC/USD pair (data procured from Kraken).
As per the current scenario, Bitcoin could witness another surge if it retains its position above the $83,500 zone. Bitcoin managed to stay above the $82,000 support zone, forming a base and initiating a recovery wave surpassing the $82,500 resistance zone.
The bull market successfully pushed the price past the $83,500 and $84,200 resistance levels. The value even surpassed the $85,000 resistance, reaching a peak at $85,487. Bitcoin is now consolidating its gains above the 23.6% Fib retracement level from the upward move from $81,320 to $85,487.
Bitcoin’s price is now trading above $83,500 and the 100 hourly Simple Moving Average. A supporting bullish trend line is being formed with a base at $84,550 on the hourly chart of the BTC/USD pair.
On the upside, the immediate resistance is at the $85,200 level. The primary key resistance is located at the $85,500 level. The subsequent key resistance could be $85,850. If it closes above the $85,850 resistance, it could propel the price even higher, potentially testing the $86,650 resistance level. Any further gains could steer the price toward the $88,000 level, or possibly $88,500.
However, if Bitcoin fails to surpass the $85,500 resistance zone, it could initiate a new decline. Immediate support on the downside is near the $84,500 level and the trend line. The first significant support is near the $83,500 level and the 50% Fib retracement level of the upward move from $81,320 to $85,487.
The subsequent support is currently near the $82,850 zone. Any further losses could steer the price toward the $82,000 support in the near term. The main support is stationed at $80,500.
Technical indicators:
- Hourly MACD – The MACD is now losing pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
- Major Support Levels – $84,500, followed by $83,500.
- Major Resistance Levels – $85,200 and $85,500.
