Bitcoin’s price is gradually ascending beyond the $83,500 mark. For further progression in the short term, BTC needs to surpass the resistance zone of $85,200. Bitcoin found a foundation at $83,200 and initiated a recovery wave.
Currently, the price is hovering above $84,500, along with the 100 hourly Simple Moving Average. On the BTC/USD hourly chart (Kraken’s data feed), a bearish trend line with resistance at $84,650 was broken.
If the pair successfully clears the $85,200 zone, we might witness another surge. Bitcoin’s price underwent a decline below the levels of $86,200 and $85,500. BTC even dropped below $84,000 before the bulls took charge.
After testing the $83,200 support, the price began its recovery phase. It managed to cross the $84,500 resistance zone and the 50% Fib retracement level of the downward trajectory from the $86,400 swing high to the $83,171 low.
Immediate resistance on the upside is at the $85,200 level. The primary key resistance is around the $85,500 mark, with the next significant resistance potentially at $86,500. If the price closes above $86,500, the price could soar even higher, possibly testing the $87,200 resistance. Any additional gains could push the price towards the $88,800 mark.
If Bitcoin fails to exceed the $85,200 resistance, it might witness another downside. Immediate support on the downside is near the $84,500 level. The first major support is near the $84,000 mark, followed by the $83,200 zone. Any further losses may push the price towards the $82,500 support in the short term, with the main support at $81,800.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the score of 50.
Major Support Levels – First at $84,500, followed by $83,200.
Major Resistance Levels – $85,200 and $85,500.
