Ah, the ever-elusive Bitcoin! It has embarked on a new journey, rising above the $83,500 threshold, like a hopeful poet seeking inspiration in the depths of a winter’s night. BTC, in its infinite wisdom, is now consolidating its gains, perhaps contemplating a daring leap over the formidable $85,500 barrier.
- Bitcoin has indeed begun its ascent, leaving the $83,500 zone in its wake.
- Currently, it dances above $83,000, accompanied by the 100-hourly Simple Moving Average, a loyal companion.
- A bullish trend line is forming, offering support at $84,200, as if the universe itself conspires to aid our digital hero (data courtesy of Kraken).
- Should it muster the courage to breach the $85,500 zone, another increase may be on the horizon.
Bitcoin’s Aspirations for Greater Heights
Our dear Bitcoin has once again found its footing above the $82,500 mark, gaining momentum as it ascends past the $83,000 and $83,500 resistance levels. The bulls, in their exuberance, have propelled the price above $84,500, reaching a peak at $85,850 before taking a moment to catch their breath.
However, the winds of fortune are fickle; a correction has nudged the price below the $84,000 support. It has dipped beneath the 23.6% Fibonacci retracement level, a reminder that even the mightiest can falter. Yet, the bulls, ever resilient, have rallied near the $83,000 zone, reclaiming lost ground.
Now, Bitcoin finds itself trading above $83,500, buoyed by the 100-hourly Simple Moving Average. The bullish trend line at $84,200 stands as a beacon of hope on the hourly chart of the BTC/USD pair.
Looking ahead, immediate resistance looms near the $85,000 level, with the first key resistance at $85,500. Should it surpass $86,200, we may witness a further ascent, perhaps testing the $87,500 resistance level. Who knows? The price might even flirt with the $88,000 mark, if the stars align just right.
Will BTC Face Another Rejection?
Yet, dear reader, if Bitcoin fails to rise above the $85,500 resistance, it may find itself in a downward spiral once more. Immediate support lies near the $84,200 level, with the first major support at $83,200.
Should the tides turn against it, the next support is at $82,200, coinciding with the 50% Fibonacci retracement level from the upward move of $78,600 to the high of $85,850. Further losses could drag the price down to the $81,500 support, with the main support resting at $80,800.
As for the technical indicators:
Hourly MACD – Gaining momentum in the bullish zone, like a determined student cramming for exams.
Hourly RSI (Relative Strength Index) – Currently above the 50 level, a sign of potential optimism.
Major Support Levels – $84,200, followed closely by $83,500.
Major Resistance Levels – $85,500 and $85,850.
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2025-04-15 05:48