Bitcoin has initiated a bullish trend, surpassing $83,500, and may soon address significant resistance at $85,500. A bullish support trend line at $84,200 and immediate resistance levels indicate potential further increases, while any failure to cross these could lead to declines towards key support levels. Aayush Jindal, an expert in financial markets, provides authoritative insights into Bitcoin’s trajectory.
Bitcoin has begun a significant upward trend, surpassing the $83,500 mark. Currently, it is stabilising its gains above this level, with potential to break the critical resistance at $85,500. The cryptocurrency is trading above both the $83,000 threshold and the 100-hour simple moving average, which supports its bullish momentum. Additionally, a connecting bullish trend line offers further support around $84,200 in the BTC/USD pair’s hourly chart.
The initial upward movement saw Bitcoin rise after forming a base above the $82,500 range. Once above $83,000 and $83,500, bulls pushed the price over $84,500, reaching a peak of $85,850. A minor correction followed, where Bitcoin dipped below $84,000, breaching the 23.6% Fibonacci retracement level of the prior surge. Subsequent buying activity near $83,000 has, however, catalysed a recovery, allowing Bitcoin to consolidate its position above the $83,500 mark.
Looking ahead, immediate resistance is positioned around $85,000, with the first key resistance line near $85,500. Further rises could lead to encountering resistance at $86,200, and a break above this could propel the price towards $87,500, with the potential for even more aggressive gains up to $88,000. Conversely, failure to breach $85,500 may trigger a decline, with immediate support close to $84,200 and subsequently at $83,200. The next significant support levels are around $82,200 and the critical $80,800 level.
Technical indicators reflect a strengthening bullish sentiment, with the hourly MACD displaying momentum within the bullish territory and the Relative Strength Index (RSI) situated above the neutral value of 50. Essential support levels to monitor include $84,200 and $83,500, while substantial resistance thresholds are at $85,500 and $85,850.
Aayush Jindal, a seasoned expert with over 15 years in Forex and cryptocurrency markets, provides invaluable insights into the sector. His background in technical analysis equips him to guide investors effectively through complex market dynamics. As a software engineer, he integrates technology into trading strategies, enhancing decision-making and optimising performance in volatile conditions. Jindal also leads an IT company, promoting innovation in digital solutions and software development.
In his pursuit of success, Aayush has balanced his professional responsibilities with personal interests, such as exploring diverse cultures and locations. His commitment to continuous learning and market analysis defines his approach as he delivers actionable insights to readers and clients alike. Known for his integrity and expertise, Aayush serves as a mentor for aspiring traders, embodying the spirit of excellence and diligence in financial markets.
