The price of Bitcoin is rising steadily, but can it maintain this?
Above $82,500, the price of bitcoin is rising again. BTC is consolidating gains and may challenge $85,850.
Bitcoin has crossed $83,200 again.
Price above $82,500 and the 100-hour SMA.
BTC/USD has broken a negative trend line with resistance at $84,500 on the hourly chart.
If it breaks $85,500, this currency pair could rally.
Bitcoin Price Rises Again
Bitcoin has crossed $81,500 again. BTC has formed a base and accelerated past resistance at $82,500 and $83,200.
Optimistic traders have broken the barrier of $84,500. The price started to decline after reaching $85,850. Moving below the support of $84,500. The price has dropped below the 23.6% Fib retracement of the low of $78,600 to the high of $85,850.
Price holds above $82,200. Bitcoin has surpassed $82,500 and the 100-hour simple moving average. BTC/USD has broken a negative trend line with resistance at $84,500 on the hourly chart.
Near $85,500 is the immediate upward barrier. Near $85,850 is the first key resistance. The next barrier could be $86,500. A close above the resistance of $86,500 could drive the price up. The price could rise to resistance at $88,000. Further gains could push the price toward $88,800.
Another BTC Downturn?
Bitcoin could decline if it does not surpass $85,500. Near $84,200 is immediate downward support. The first important support is at $82,200, the 50% Fib retracement of the rise from the low of $78,600 to the high of $85,850.
Around $81,200 is the next support. More losses could push the price below $80,500. The key support level is $80,000.
Technical Indicators
MACD is rising in the positive zone.
The hourly RSI index for BTC/USD is above 50.
Key support levels: $84,500, $82,200.
Key resistance levels: $85,500, $85,800.
