Bitcoin Price Rises Above $83,000 with Key Resistance at $86,500
Bitcoin Price Overview
- Bitcoin is in a recovery wave, trading above $82,500.
- Current price levels are above $84,500 and the 100-hourly Simple Moving Average.
- Bullish trend line support is at $85,200 on the BTC/USD hourly chart.
- Key resistance levels to watch are $86,500 and $87,200.
Price Movement Details
- BTC formed a base above the $83,000 resistance level.
- A previous high reached $85,591 before a correction occurred.
- The price is currently supported above $85,200; immediate resistance is near $86,000.
- A close above $87,200 could lead to further increases towards $88,500 or higher.
Potential Decline Risks
- If Bitcoin does not exceed $86,500, it may decline.
- Immediate support is at $85,500; major support at $85,200 and $84,500.
- Further losses could drop prices to $83,000 or $81,500.
Technical Indicators
- MACD indicates bullish momentum.
- RSI is above 50, reflecting positive strength.