Bitcoin Price Struggles Below $83,500 Resistance Level
Bitcoin Price Analysis
- Bitcoin price is recovering from the $81,200 zone and is currently facing resistance around $83,500.
- The price is trading below $83,200 and the 100 hourly Simple Moving Average.
- A bearish trend line forms resistance at $83,500 on the BTC/USD hourly chart.
- Clearing the $83,500 zone could initiate further gains.
Current Market Dynamics
After extending losses below $82,500, Bitcoin formed a base at $81,200 and initiated a recovery above $82,200. Key levels include:
- Immediate resistance near $83,200
- First key resistance at $83,500
- Next target could be $84,500, with potential to rise toward $86,000 if surpassed
Potential Decline Risks
If Bitcoin fails to break above $83,500, it may decline. Support levels are as follows:
- Immediate support at $82,200
- First major support at $81,200
- Additional support near $80,500 and $78,800
Technical indicators show the MACD losing momentum in the bearish zone and the RSI below 50.