Bitcoin’s price is consolidating below $85,000 after a decline, with critical resistance found at $84,800 and $85,150. A potential upward movement may occur if price surpasses $85,500, while downside risks exist with supports at $83,200 and $82,200. Current technical indicators suggest a bearish bias.
Bitcoin’s price has recently entered a consolidation phase, trading below the $85,000 mark and under the influence of a bearish trend line, with resistance identified at $84,800 on the hourly BTC/USD chart. The cryptocurrency experienced a decline beneath the $85,500 level and is currently establishing its next movement near the $85,200 resistance zone.
Following struggles near the $86,500 threshold, Bitcoin’s value dipped into a bearish region, dropping below $85,500 and $85,000. The asset is attempting to recover after testing the support at $83,200, where it formed a low of $83,171. A rebound occurred after this low, surpassing the $83,800 mark and clearing the 50% Fibonacci retracement level.
Currently, Bitcoin remains below the significant $85,000 level, aligning with the 100-hourly Simple moving average. Immediate resistance exists around $84,750, and a critical bearish trend line at $84,800 may hinder upward progress. The immediate key resistance is identified at $85,150, corresponding to the 61.8% Fibonacci retracement from prior downward movement.
Should Bitcoin price manage to close above $85,500, an upward trajectory toward $85,800 and potentially $86,400 may be observed. Conversely, repeated failures to breach the $85,000 resistance might initiate a downward trend. Immediate downside support is located at $83,900, with major support levels at $83,200 and further down, $82,200.
Technical indicators reveal that the hourly MACD is losing momentum while remaining in bearish territory, and the hourly RSI is lingering near the 50 level, indicating potential indecision in market momentum. Close attention to major support and resistance levels is necessary for anticipating price movements: $83,200, $82,200 for support and $84,750 and $85,150 for resistance.
