Bitcoin Faces Resistance at $83,500, Recovery Elusive
1min read Bitcoin's price has been on a rollercoaster ride, with a recent recovery wave starting from the $81,200 zone. However, the cryptocurrency is currently consolidating losses and facing significant resistance near the $83,500 level. The price is trading below $83,200 and the 100 hourly Simple Moving Average, indicating a bearish trend. A connecting bearish trend line is forming with resistance at $83,500 on the hourly chart of the BTC/USD pair, suggesting that Bitcoin could start another increase if it clears the $83,500 zone.
Bitcoin's price extended losses below the $82,500 support zone and tested the $81,200 zone. BTC formed a base and recently started a decent recovery wave above the $82,200 resistance zone. The bulls were able to push the price above the $82,500 and $83,000 resistance levels. The price even tested the 23.6% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low. However, the price is struggling to continue higher, indicating that the recovery remains elusive.
Bitcoin price is now trading below $83,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $83,200 level. The first key resistance is near the $83,500 level. The next key resistance could be $84,500. A close above the $84,500 resistance might send the price further higher. In the stated case, the price could rise and test the $85,500 resistance level. Any more gains might send the price toward the $86,000 level or 61.8% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low.
If Bitcoin fails to rise above the $83,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,200 level. The first major support is near the $81,200 level. The next support is now near the $80,500 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,800.
Ask Aime: What is the short-term outlook for Bitcoin's price?
Technical indicators suggest that the MACD is now losing pace in the bearish zone, and the RSI for BTC/USD is now below the 50 level. Major support levels are $82,200, followed by $81,200. Major resistance levels are $83,500 and $85,000. The current technical indicators and resistance levels suggest that Bitcoin's recovery remains elusive, and the cryptocurrency could face further declines if it fails to break above the $83,500 resistance zone.
