Bitcoin Price Recovery Wave

Bitcoin price started a recovery wave above the $82,500 zone. BTC is now rising and might aim for a move above the $86,500 and $87,200 levels.

• Bitcoin started a decent recovery wave above the $83,000 zone.
• The price is trading above $84,500 and the 100 hourly Simple Moving Average.
• A connecting bullish trend line is forming with support at $85,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $86,200 and $87,000 levels.

Bitcoin Price Eyes Steady Increase

Bitcoin price remained stable above the $82,000 level, forming a base and recently starting a recovery wave above the $83,500 resistance level.

The bulls pushed the price above the $85,000 resistance level, but bears were active near the $86,500 resistance zone. A high was formed at $85,591, with the price correcting some gains and dipping below the $85,000 level. It also dipped below the 23.6% Fibonacci retracement level of the upward move from the $83,667 swing low to the $85,591 high. Bitcoin price is now trading above $85,200 and the 100 hourly Simple Moving Average, with a bullish trend line forming with support at $85,200 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $86,000 level, with key resistance at $86,500 and potentially $87,200. A close above $87,200 might lead the price to test $88,500, with further gains potentially reaching $88,800 or even $90,000.

Another Drop In BTC?

If Bitcoin fails to rise above the $86,500 resistance zone, it could start a fresh decline. Immediate support is near the $85,500 level, followed by significant support at $85,200 or the 50% Fibonacci retracement level of the upward move from the $83,667 swing low to the $85,591 high. The next support level is now near the $84,500 zone, with any further losses potentially sending the price toward the $83,000 support in the near term. The main support level sits at $81,500.

Technical Indicators:

• Hourly MACD: Gaining pace in the bullish zone.
• Hourly RSI (Relative Strength Index): Currently above the 50 level.

Major Support Levels:

• $85,500, followed by $85,200.

Major Resistance Levels:

• $86,500 and $87,200.