Bitcoin Price Remains Above $84,500 with Key Resistance at $85,200

Bitcoin is currently trading above the $83,500 mark, with a need to surpass the $85,200 resistance to maintain its upward momentum.

Support found at $83,200 has led to a recovery wave.
Price is above $84,500 and the 100-hour Simple Moving Average.
A break occurred above a bearish trend line at $84,650 on the BTC/USD hourly chart.
Further gains are possible if the price exceeds the $85,200 zone.

Current Price Analysis

Bitcoin recently declined below the $86,200 and $85,500 levels, reaching a low of $83,171 before recovering. The price then moved above $84,500 and surpassed the 50% Fib retracement level from the recent decline.

Immediate resistance is at $85,200, near the 61.8% Fib retracement of the prior drop. Additional key resistances are at $85,500 and $86,500.

A close above $86,500 could lead to testing $87,200 and possibly $88,800.

Potential Decline Risks

If Bitcoin does not break above $85,200, it may face a downturn. Key support levels include:

Immediate: $84,500
Major: $84,000
Next: $83,200
Main: $81,800

Technical indicators show a bullish MACD and an RSI above 50.