Bitcoin BTC0.95%-> has started a recovery wave above the $80,000 zone. Currently, Bitcoin (BTC) is rising and may attempt to break above the levels of $84,000 and $85,000.
Bitcoin (BTC) remains strong above the $78,000 level. Bitcoin (BTC) has formed a base and recently started a recovery wave above the resistance level of $80,000. The bulls successfully pushed the price past the resistance level of $82,000. The price has also exceeded the 23.6% Fib retracement level of the downward wave from the high of $91,060 to the low of $76,820. However, the bears are now active near the resistance zone of $84,000.
Currently, the price of Bitcoin (BTC) is trading above $82,000 and the 100-hour simple moving average. There is also a bullish trend line connecting support at $82,000 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $84,000 level and the 50% Fib retracement level of the downward wave from the high of $91,060 to the low of $76,820. The first key resistance is near the $85,000 level. The next key resistance may be $85,650.
If Bitcoin (BTC) fails to rise above the resistance zone of $84,000, the price could start to decline again. Immediate support on the downside is near the $82,000 level and the trend line. The first key support is near the $81,200 level. The next support is now near the $80,000 zone. Further losses may send the price toward support at $78,000 in the short term. The key support is at $76,500.
Hourly MACD – The MACD is currently gaining momentum in the bullish zone. – Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level. Key Support Levels – $82,000, followed by $81,200. Key Resistance Levels – $84,000 and $85,000.
With strong support above $80,000 and the potential to break above $85,000, the chances of a price recovery for Bitcoin (BTC) seem quite bright. However, if it cannot break the existing resistance, we may see a price decline back to lower levels.
