Bitcoin Price Recovers Above $83,500 but Faces Strong Resistance

Bitcoin price is currently undergoing fluctuations, trading around $83,500 after a recovery attempt.

Bitcoin began a recovery above the $84,500 level.
Current trading price is approximately $83,500, near the 100 hourly Simple Moving Average.
A break below the bullish trend line occurred at the $85,000 support level.
The price could increase if it remains above $82,200.

Price Movements

Bitcoin stayed above the $82,500 support zone and attempted a recovery above $83,500. It reached a high of $89,042 before declining sharply below $86,000 and $85,000.

A low was established at $82,141, with current consolidation near the 23.6% Fibonacci retracement level from the recent decline.

Immediate resistance levels are $84,000 and $85,000, with further resistance at $85,550 and the 50% Fibonacci level. A close above $85,550 may lead to testing $86,800 or higher levels around $88,000.

Potential for Further Decline

If Bitcoin does not surpass the $85,000 resistance, a decline may occur. Immediate support is at $82,800, followed by $82,200. Major support is situated at $80,000.

Technical indicators show:

Hourly MACD indicates weakening bearish momentum.
Hourly RSI is below 50.
Support levels: $82,800 and $82,200.
Resistance levels: $84,200 and $85,500.