Bitcoin Price Recovers Some Losses—Is a Full Rebound in Sight?
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Bitcoin’s price starts below the $86,000 area. BTC is now correcting its losses and may struggle at the $84,000 and $85,000 levels.
- Bitcoin begins a new decline in the area below $85,000.
- Prices trade below $84,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (Kraken’s feed) has a higher resistance on the hourly chart than the key bearish trend line above the key bearish trend line.
- If the $84,000 resistance zone is not cleared, the couple may drop again.
Bitcoin price faces resistance
Bitcoin price begins New decline Below the $85,000 level. BTC trades below the $82,000 and $80,000 support levels. Finally, the price tested the $76,500 support zone.
The lows are $76,818, and the price has recently begun a recovery wave. Over $78,000 and $80,000 resistance levels. Bulls push prices higher Move down From the swing high of $91,060 to the low of $76,818.
On the hourly chart of the BTC/USD pair, there is a breakout on the key bearish trend line with resistance of $82,000. Bitcoin Price is now trading below the $84,000 and the 100-hour simple moving average. On the plus side, immediate resistance is close to the $83,200 level. The first key resistance is close to the $84,000 level.
The 50% FIB retracement level from the swing high of $91,060 to $76,818 is also close to $84,000. The next key resistance could be $85,000.
Turning off resistors above $85,000 may make the price even higher. In the case of statements, the price may rise and test the resistance level of $86,500. More gains could shift the price to the $88,000 level, or even $96,200.
Another drop of BTC?
If Bitcoin fails to exceed the $84,000 resistance zone, a new decline may begin. Immediately support on the negative side approaching the $81,200 level. The first major support is close to $80,000.
Now, the next support is near the $78,000 area. In the short term, more losses could send the price to $76,500 in support. The main support is $75,000.
Technical indicators:
Hourly MACD – MACD is now losing pace in bullish areas.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $81,000, followed by $80,000.
Major resistance levels – $84,000 and $85,000.
