Bitcoin Price Recovery Possible Above $85K—Will Bulls Step In?

Bitcoin price started a recovery wave above the $80,000 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 $80,000 zone.

• The price is trading above $82,000 and the 100 hourly Simple moving average.

• There is a connecting bullish trend line forming with support at $82,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The pair could start another increase if it clears the $84,000 and $85,000 levels.

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Bitcoin Price Eyes Breakout

Bitcoin price remained strong above the $78,000 level. BTC formed a base and recently started a recovery wave above the $80,000 resistance level.

The bulls pushed the price above the $82,000 resistance level. The price surpassed the 23.6% Fib retracement level of the downward wave from the $91,060 swing high to the $76,820 low. However, the bears are now active near the $84,000 resistance zone.

Bitcoin price is now trading above $82,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $82,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $84,000 level and the 50% Fib retracement level of the downward wave from the $91,060 swing high to the $76,820 low. The first key resistance is near the $85,000 level. The next key resistance could be $85,650.

A close above the $85,650 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.