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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

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Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Price Range-Bound—But a Move Higher May Be Brewing?

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Bitcoin price started a fresh decline below the $85,500 zone. BTC is now consolidating and might attempt to clear the $85,200 resistance zone.

  • Bitcoin started a fresh decline below the $85,500 zone.
  • The price is trading below $85,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $84,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it clears the $85,000 zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin price struggled near the $86,500 zone and started a fresh decline. BTC declined below the $85,500 and $85,000 levels to enter a short-term bearish zone.

The price tested the $83,200 support. A low was formed at $83,171 and the price recently corrected some losses. There was a move above the $83,800 level. The price surpassed the 50% Fib retracement level of the downward move from the $86,401 swing high to the $83,171 low.

Bitcoin price is now trading below $85,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $84,750 level. There is also a connecting bearish trend line forming with resistance at $84,800 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $85,150 level or the 61.8% Fib retracement level of the downward move from the $86,401 swing high to the $83,171 low. The next key resistance could be $85,500.

Bitcoin Price

A close above the $85,500 resistance might send the price further higher. In the stated case, the price could rise and test the $85,800 resistance level. Any more gains might send the price toward the $86,400 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $85,000 resistance zone, it could start another decline. Immediate support on the downside is near the $83,900 level. The first major support is near the $83,200 level.

The next support is now near the $82,200 zone. Any more losses might send the price toward the $81,500 support in the near term. The main support sits at $80,800.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $83,200, followed by $82,200.

Major Resistance Levels – $84,750 and $85,150.

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