Bitcoin Price Bounces Back—Can It Finally Break Resistance?

Bitcoin price started a recovery wave above the $83,500 zone. BTC is now consolidating and might struggle to settle above the $85,500 zone. Bitcoin started a decent recovery wave above the $83,500 zone. The price is trading above $83,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $84,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $83,500 zone. Bitcoin Price Starts Recovery Bitcoin price managed to stay above the $82,000 support zone . BTC formed a base and recently started a decent recovery wave above the $82,500 resistance zone. The bulls were able to push the price above the $83,500 and $84,200 resistance levels. The price even climbed above the $85,000 resistance. A high was formed at $85,487 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $81,320 swing low to the $85,487 high. Bitcoin price is now trading above $83,500 and the 100 hourly Simple moving average . There is also a connecting bullish trend line forming with support at $84,550 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $85,200 level. The first key resistance is near the $85,500 level. The next key resistance could be $85,850. A close above the $85,850 resistance might send the price further higher. In the stated case, the price could rise and test the $86,650 resistance level. Any more gains might send the price toward the $88,000 level or even $88,500. Another Decline In BTC? If Bitcoin fails to rise above the $85,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $84,500 level and the trend line. The first major support is near the $83,500 level and the 50% Fib retracement level of the upward move from the $81,320 swing low to the $85,487 high. The next support is now near the $82,850 zone. Any more losses might send the price toward the $82,000 support in the near term. The main support sits at $80,500. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $84,500, followed by $83,500. Major Resistance Levels – $85,200 and $85,500.