Bitcoin Price Recovery Possible Above $85K—Will Bulls Step In?
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Bitcoin prices have begun a wave of recovery above the $80,000 region. BTC is now rising, with a possible target of over $84,000 and $85,000 levels.
- Bitcoin started a nice wave of recovery above the $80,000 area.
- Prices trade above $82,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (Kraken’s feed), there is a bullish trend line formed with support and supported at $82,000.
- If the $84,000 and $85,000 levels are cleared, the couple may increase again.
Bitcoin price breaks through
Bitcoin prices are still above the $78,000 level. BTC has formed a foundation, and recently Recovery wave Above the $80,000 resistance level.
The Bull pushed the price higher by $82,000 resistance level. Prices surpassed the 23.6% FIB retracement level of the downward wave, from a swing of $91,060 to a low price of $76,820. However, these bears are now active near the $84,000 resistance zone.
Bitcoin Price is now trading at over $82,000. 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a connected bullish trend line with support of $82,000.
On the plus side, immediate resistance is close to the $84,000 level, with a downward wave from a swing height of $91,060 to a low price of $76,820. The first key resistance is close to the $85,000 level. The next key resistance could be $85,650.
Turning off resistors above $85,650 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. The immediate support of the disadvantages is close to the $82,000 level and trend line. The first major supports near $81,200 levels.
Now, the next support is near the $80,000 area. In the short term, more losses may send the price to $78,000 in support. The main support is $76,500.
Technical indicators:
Hourly MACD – MACD is now accelerating its pace in the bullish area.
Hour RSI (Relative Strength Index) – The RSI of BTC/USD is now above level 50.
Main support level – $82,000, followed by $81,200.
Major resistance levels – $84,000 and $85,000.
