Well now, gather ’round, folks! It seems our dear friend Bitcoin has decided to take a little jaunt above the $82,500 mark. Why, it’s consolidating its gains like a squirrel hoarding acorns for winter, and it just might be eyeing that $85,850 resistance like a hawk on a field mouse!
- Bitcoin has kicked off a fresh increase above the $83,200 threshold, bless its digital heart.
- Trading above $82,500 and the 100-hourly Simple Moving Average, it’s feeling quite spry.
- It broke through a bearish trend line like a bull in a china shop, with resistance at $84,500 on the hourly chart of the BTC/USD pair (thanks to our pals at Kraken).
- If it can clear that pesky $85,500 zone, we might just see it take off like a rocket! 🚀
Bitcoin Price Rises Again
Our beloved Bitcoin has once again decided to rise above the $81,500 zone. It formed a sturdy base and gained momentum, pushing past the $82,500 and $83,200 resistance levels like a determined tortoise in a race.
The bulls, bless their hearts, pumped the price above the $84,500 resistance. A high was reached at $85,850, but alas, it seems the price has taken a little tumble. It dipped below the $84,500 support, like a clumsy dancer at a ball, and fell beneath the 23.6% Fib retracement level of the upward move from the $78,600 swing low to the $85,850 high.
But fear not! The price has remained stable above $82,200, trading above $82,500 and the 100-hourly Simple Moving Average. It broke above that bearish trend line with resistance at $84,500 on the hourly chart of the BTC/USD pair.
Now, on the upside, immediate resistance is lurking near the $85,500 level. The first key resistance is at $85,850, and if it can muster the strength to close above $86,500, we might just see it soar to test the $88,000 resistance level. Any further gains could send it galloping toward the $88,800 mark. Hold onto your hats, folks! 🎩
Another Decline In BTC?
But, if Bitcoin can’t muster the courage to rise above that $85,500 resistance zone, it might just continue its downward journey. Immediate support is lurking near the $84,200 level, with the first major support at $82,200 and the 50% Fib retracement level of the upward move from the $78,600 swing low to the $85,850 high.
The next support is now near the $81,200 zone. Should it suffer further losses, it might just tumble toward the $80,500 support in the near term. The main support sits at a rather ominous $80,000.
Technical indicators:
Hourly MACD – The MACD is gaining pace in the bullish zone, like a train picking up speed.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, feeling quite chipper.
Major Support Levels – $84,500, followed by $82,200.
Major Resistance Levels – $85,500 and $85,800.
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2025-04-14 07:18