Bitcoin Price Consolidates Above $83,500 After Recovery Wave

Bitcoin is currently in a recovery phase, trading above $83,500 and consolidating gains. Key details include:

BTC started recovery above $83,500.
Price remains above $83,000 and the 100 hourly Simple Moving Average.
A bullish trend line forms with support at $84,500.
Resistance is immediate at $85,200, with significant levels at $85,500 and $85,850.
Failure to surpass $85,500 could lead to a decline.
Immediate support levels are at $84,500 and $83,500.

The price reached a high of $85,487 after breaking through several resistance levels. If it maintains support above $83,500, further increases are possible, potentially testing $86,650 or even $88,500. Conversely, if it drops below key support levels, it may head towards $82,000.

Technical indicators show the MACD is losing momentum while RSI remains above 50.