Is Bitcoin's Recovery Just Out of Reach? Analyzing Current Price Trends

Bitcoin price has started a recovery wave from the $81,200 zone, yet it still faces hurdles near the $83,500 resistance level.

Bitcoin Price Faces Resistance

Bitcoin's recent performance shows it extended losses below the $82,500 support zone and tested the $81,200 zone. After forming a base, BTC began a decent recovery above the $82,200 resistance zone.

• Recovery Wave: Bitcoin started a recovery above the $82,200 zone.
• Current Trading: The price is trading below $83,200 and the 100 hourly Simple Moving Average.
• Resistance Levels: A connecting bearish trend line is forming with resistance at $83,500 on the hourly chart of the BTC/USD pair.
• Potential for Increase: The pair could start another increase if it clears the $83,500 zone.

The next major resistance could be $84,500. A close above this level might lead to further upward movement, testing the $85,500 resistance level. If gains continue, the price could rise toward the $86,000 level or the 61.8% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low.

Another Decline in BTC?

However, if Bitcoin fails to rise above the $83,500 resistance zone, it could initiate a fresh decline. Immediate support on the downside is near the $82,200 level, with the first major support at $81,200. Further losses might take the price down to the $80,000 support in the near term, with the main support sitting at $78,800.

Technical Indicators

• Hourly MACD: The MACD is losing pace in the bearish zone.
• Hourly RSI: The RSI for BTC/USD is now below the 50 level.
• Major Support Levels: $82,200, followed by $81,200.
• Major Resistance Levels: $83,500 and $85,000.