Bitcoin (BTC) is gaining traction again after a modest pullback, with bulls showing renewed strength above the $84,500 level. According to the latest data feed from Kraken, BTC broke past a key trend line and is now positioning itself for a potential surge—if it can decisively breach the $85,200 resistance.
Bullish Momentum Builds Above $84.5K
After correcting from the $86,400 swing high, Bitcoin found a strong support zone near $83,200, where buyers stepped in. BTC has since started a recovery, managing to reclaim the $84,500 mark and break above a descending trend line at $84,650, signaling a short-term trend reversal.
The move was supported by the 50% Fibonacci retracement level of the recent drop, giving technical confirmation that bulls are regaining control.
Currently, Bitcoin is trading above the 100-hourly Simple Moving Average (SMA)—another sign of building bullish momentum.
Key Resistance Levels to Watch
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Immediate Resistance: $85,200
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Primary Resistance: $85,500
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Breakout Zone: $86,500
A successful close above $86,500 could trigger a fresh rally, targeting $87,200 and potentially extending up to $88,800, depending on sustained buying volume and broader market sentiment.
What If BTC Fails at Resistance?
If Bitcoin fails to break and hold above the $85,200 resistance, a pullback could be in the cards. On the downside:
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Immediate Support: $84,500
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Major Support Levels: $84,000 and $83,200
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Deeper Pullback Target: $82,500
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Critical Support: $81,800
The hourly RSI remains above 50, while the MACD is gaining strength in the bullish zone, suggesting a higher likelihood of upward continuation in the near term.
Technical Snapshot
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Hourly MACD: Bullish momentum gaining pace
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Hourly RSI: Holding above the neutral 50 level
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Support Levels: $84,500, $83,200, $82,500
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Resistance Levels: $85,200, $85,500, $86,500
Outlook
If bulls maintain pressure, Bitcoin could test $86,500 and break higher toward $88,800. However, failure to surpass $85,200 might lead to a corrective dip. The market remains in a key decision zone where volume and sentiment will be critical drivers.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
