Bitcoin Technical Analysis—Will It Break $85,500 Resistance?
Bitcoin price started a revival surge, surpassing the $83,500 zone. At present BTC is now stabilizing and may fight to settle, surpassing the $85,500 zone.
- Bitcoin started a light recovery wave if it surpassed the $83,500 zone.
- At present, the price is now trading above $83,000 and the 100-hourly Simple moving average.
- On the hourly chart of the BTC/USD pair (information source from Kraken), there is a connecting bullish trend line forming with support at $84,500.
- If it is still above yeh $83,500 zone, then the pair will start another increase.
Bitcoin Price Starts Recovery
Bitcoin price controlled to stay surpass the $82,000 support zone. A decent recovery wave has started recently for Bitcoin above the $82,500 resistance zone.
The price is pushed by the bulls to surpass the $83,500 and $84,200 resistance levels. The price even touches above the $85,000 resistance. The high was above $85,487, and the price is currently securing gains above the 23.6% Fib retracement level of the bullish surge from the $81,320 low to the $85,487 high.
At present, the Bitcoin price is now trading above $84,000 and the 100-hourly Simple moving average. There is also, on the hourly chart of the BTC/USD pair, a connecting bullish trend line forming with support at $84,500.
On the upper side, the quick resistance is close to the $85,200 level. The first key resistance is close to the $85,500 level, and the second key resistance is close to $85,850. A close above the $85,850 resistance may send the price even higher. In the defined statement, the price will up and test the $86,650 resistance level. At this point, more gains may send the price nearing the $88,000 level or even $88,500.
Another Decline In BTC?
If Bitcoin fails to pass the $85,500 resistance zone, then there will be a new decline.
Quick support on the downtrend is close to the $84,500 level and the trend line. The first great support is close to the $83,500 level and the 50% Fib retracement level of the surge forward from the $81,320 low to the $85,487 high.
The upcoming support is currently closed to the $82,850 zone. At this point, losses may send the price nearing the $82,000 support in the short term. The major support rests at $80,500.
Bitcoin Technical Levels
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently greater than the 50 level.
Hourly MACD (Moving Average Convergence Divergence) – The MACD is currently losing pace in the bullish zone.
- $84,500, followed by $83,500 – Major Support Levels.
- $85,200 and $85,500 – Major Resistance Levels.
Read Also: BTC & ETH Observe Worst Q1 Since 2020 as Whales Halt $90K Breakout
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