Bitcoin’s price has begun a new rise above the $83,500 threshold. BTC is currently consolidating its gains and may attempt to breach the $85,500 resistance level.
- Bitcoin initiated a new ascent beyond the $83,500 mark.
- The price is currently trading above $83,000 and the 100-hour Simple Moving Average.
- A connecting bullish trend line is forming, with support at $84,200 on the hourly chart for the BTC/USD pair (data feed from Kraken).
- If the price surpasses the $85,500 zone, the pair could begin another upward movement.
Bitcoin Price Aims for Additional Gains
The price of Bitcoin has experienced a notable increase beyond the $82,500 level. BTC established a support base, accelerating its growth past the $83,000 and $83,500 resistance levels.
The bulls have driven the price above the $84,500 resistance, culminating in a peak at $85,850 before initiating a slight correction. The price dipped below the $84,000 support, dropping beneath the 23.6% Fib retracement level of the ascent from the $78,600 swing low to the $85,850 high.
Nonetheless, the bulls re-emerged around the $83,000 level, sparking a recovery. Bitcoin is now trading above the $83,500 level and the 100-hour Simple Moving Average. A bullish trend line is also forming on the hourly chart for the BTC/USD pair, with support situated at $84,200.
On the upside, immediate resistance is positioned around the $85,000 level, with the first key resistance at $85,500. The next significant resistance could be $86,200. A close above the $86,200 threshold may propel the price higher, potentially testing the $87,500 resistance level. Further gains could push the price towards the $88,000 mark.
Will BTC Face Another Rejection?
If Bitcoin struggles to surpass the $85,500 resistance zone, a new decline might ensue. Immediate support on the downside is around the $84,200 level and the trend line. The first major support stands at approximately $83,200.
The next vital support lies near the $82,200 zone, coinciding with the 50% Fib retracement level of the upward movement from the $78,600 swing low to the $85,850 high. Additional losses could see the price approach the $81,500 support level shortly. The main support level is located at $80,800.
Technical indicators:
Hourly MACD – The MACD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 mark.
Major Support Levels – $84,200, followed by $83,500.
Major Resistance Levels – $85,500 and $85,850.
