Bitcoin price started a recovery wave above the $80,500 zone. BTC is now rising and might aim for a move above the $84,000 and $85,000 levels. Bitcoin started a decent recovery wave above the $81,000 zone. The price is trading above $81,500 and the 100 hourly Simple moving average. There was a break below a short-term bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $82,500 and $84,000 levels. Bitcoin Price Eyes Steady Increase Bitcoin price remained stable above the $78,000 level. BTC formed a base and recently started a recovery wave above the $80,500 resistance level. The bulls pushed the price above the $82,000 resistance level. However, the bears were active near the $84,000 resistance zone. A high was formed at $84,200 and the price corrected some gains. There was a move below the $83,000 level. The price dipped below the 50% Fib retracement level of the upward move from the $76,818 swing low to the $84,200 high. Besides, there was a break below a short-term bullish trend line with support at $83,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $81,200 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $82,450 level. The first key resistance is near the $84,000 level. The next key resistance could be $85,000. A close above the $85,000 resistance might send the price further higher. In the stated case, the price could rise and test the $86,500 resistance level. Any more gains might send the price toward the $88,000 level or even $96,200. Another Drop In BTC? If Bitcoin fails to rise above the $82,450 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $80,500 level. The first major support is near the $79,600 level or the 61.8% Fib retracement level of the upward move from the $76,818 swing low to the $84,200 high. The next support is now near the $78,500 zone. Any more losses might send the price toward the $77,000 support in the near term. The main support sits at $76,500. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $80,500, followed by $79,600. Major Resistance Levels – $82,450 and $84,000.
