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Bitcoin Price Gears Up for Next Leg Higher—Upside Potential Builds

Source Newsbtc

Bitcoin price is slowly moving higher above the $83,500 zone. BTC must clear the $85,200 resistance zone to continue higher in the near term.

Bitcoin found support at $83,200 and started a recovery wave.
The price is trading above $84,500 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $84,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $85,200 zone.

Bitcoin Price Eyes Fresh Upside

Bitcoin price started a fresh decline below the $86,200 and $85,500 levels. BTC even declined below the $84,00 level before the bulls appeared.

The price tested the $83,200 support. A low was formed at $83,171 and the price recently started a recovery wave. The price climbed above the $84,500 resistance zone. There was a break above the 50% Fib retracement level of the downward move from the $86,400 swing high to the $83,171 low.

Besides, there was a break above a connecting bearish trend line with resistance at $84,650 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $84,500 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $85,200 level. It is near the 61.8% Fib retracement level of the downward move from the $86,400 swing high to the $83,171 low. The first key resistance is near the $85,500 level. The next key resistance could be $86,500.

A close above the $86,500 resistance might send the price further higher. In the stated case, the price could rise and test the $87,200 resistance level. Any more gains might send the price toward the $88,800 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $85,200 resistance zone, it could start another decline. Immediate support on the downside is near the $84,500 level. The first major support is near the $84,000 level.

The next support is now near the $83,200 zone. Any more losses might send the price toward the $82,500 support in the near term. The main support sits at $81,800.

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 – $84,500, followed by $83,200.

Major Resistance Levels – $85,200 and $85,500.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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