Bitcoin Price Recovery Possible Above $85K—Will Bulls Step In?

Bitcoin price started a recovery wave above the $80,000 zone. BTC is now rising and might aim for a move above the $84,000 and $85,000 levels.

• Bitcoin started a decent recovery wave above the $80,000 zone.
• The price is trading above $82,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $82,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $84,000 and $85,000 levels.

Bitcoin Price Eyes Breakout

Bitcoin price remained strong above the $78,000 level. BTC formed a base and recently started a recovery wave above the $80,000 resistance level.

The bulls pushed the price above the $82,000 resistance level. The price surpassed the 23.6% Fib retracement level of the downward wave from the $91,060 swing high to the $76,820 low. However, the bears are now active near the $84,000 resistance zone.

Bitcoin price is now trading above $82,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with 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 $91,060 swing high to the $76,820 low. The first key resistance is near the $85,000 level. The next key resistance could be $85,650.

A close above the $85,650 resistance might send the price further higher. In the stated case, the price could rise and test the $86,500 resistance level. Any more gains might send the price toward the $88,000 level or even $96,200.

Another Drop In BTC?

If Bitcoin fails to rise above the $84,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,000 level and the trend line. The first major support is near the $81,200 level.

The next support is now near the $80,000 zone. Any more losses might send the price toward the $78,000 support in the near term. The main support sits at $76,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $82,000, followed by $81,200.

Major Resistance Levels – $84,000 and $85,000.