2025-04-02 02:44:06 by NewsBTC

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. 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. Source: BTCUSD on TradingView.comOn 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. 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