The price of Bitcoin has begun a potential recovery journey, surging past the $80,000 mark. Bitcoin’s current upward trend suggests that it could target surpassing the $84,000 and $85,000 thresholds soon.
Bitcoin has initiated a promising recovery trend, rising above the $80,000 mark. The cryptocurrency is currently trading above $82,000, with the 100-hourly Simple Moving Average (SMA) providing solid support. A bullish trend line is also being established with support pegged at $82,000 on the hourly chart of the BTC/USD pair, according to data from Kraken.
If Bitcoin manages to clear the $84,000 and $85,000 resistance levels, we can expect another increase. The Bitcoin price stayed robust above $78,000, establishing a foundation before initiating a recovery trend above the $80,000 resistance level.
Bulls managed to push Bitcoin past the $82,000 resistance level, moving beyond the 23.6% Fib retracement level of the downward wave from the $91,060 swing high to the $76,820 low. However, the bears are currently active around the $84,000 resistance zone.
Bitcoin is now trading above $82,000 and the 100-hourly SMA. There’s also a bullish trend line with support at $82,000 on the BTC/USD hourly chart. Immediate resistance lies around the $84,000 level, and the 50% Fib retracement level of the downward wave from the $91,060 swing high to the $76,820 low. The first significant resistance is around $85,000, with the next key resistance possibly at $85,650.
If Bitcoin manages to close above the $85,650 resistance level, it could trigger further price increase. In such a scenario, Bitcoin could test the $86,500 resistance level. Additional gains could push the price towards the $88,000 or even $96,200 level.
On the other hand, if Bitcoin fails to surpass the $84,000 resistance zone, a fresh decline could be on the cards. Immediate support on the downside is near the $82,000 level and the trendline. The first major support is around the $81,200 level, with the $80,000 zone as the next support level. Any further losses could push the price towards the $78,000 support in the short term, with the main support situated at $76,500.
Technical indicators:
Hourly MACD – The MACD is now 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 – $82,000, followed by $81,200.
Major Resistance Levels – $84,000 and $85,000.
