Bitcoin Heading Towards Next Increase Amid Strong Recovery

Bitcoin (BTC) has started a significant recovery, surpassing the $80,500 mark and holding steady above key resistance levels. The cryptocurrency is showing strong price momentum, with traders eyeing potential price targets of $84,000 and $85,000. Bitcoin's upward trajectory After stabilizing above $78,000, Bitcoin has started a recovery, successfully surpassing the resistance level of $80,500. This price increase was further confirmed as BTC broke through the $82,000 resistance area. However, sellers have emerged near the $84,000 level, causing a temporary pullback. At its peak, Bitcoin reached $84,200 before experiencing a pullback to below $83,000. The price has dropped below the 50% Fibonacci retracement level, measured from the low of $76,818 to the high of $84,200. Additionally, BTC/USD has broken below the short-term uptrend line with support at $83,000. Despite this adjustment, Bitcoin is still strong, currently trading at $81,200 and the 100-hour simple moving average (SMA). Key resistance and support levels Immediate resistance level: The first crucial resistance level is $82,450. Main resistance level: If Bitcoin surpasses the $84,000 level, the next resistance level will be $85,000. Price increase potential: Closing decisively above $85,000 could push BTC up to $86,500. If the price increase momentum continues, Bitcoin may even test higher resistance levels at $88,000 or $96,200. Hidden risks If Bitcoin cannot break the resistance level of $82,450, there may be a downward correction. Immediate support: The initial support level is at $80,500. Primary support: If the price of Bitcoin continues to decrease, the test level could be $79,600, corresponding to the 61.8% Fibonacci retracement level of the recent price increase. Primary support: If the downward trend continues, BTC could drop to $78,500, followed by the important support level at $76,500. Technical indicators MACD Indicator: MACD is moving in the bullish zone, indicating the continued upward price momentum.Relative Strength Index (RSI): The RSI for BTC/USD is holding above the 50 level, signaling continued buying pressure. Conclusion The price movement of Bitcoin shows the potential for further strong price increases if the buying side can surpass the resistance levels of $84,000 and $85,000. A successful breakthrough could lead BTC to target above $88,000. However, traders should pay attention to key support levels, as failure to maintain the current price levels could result in another downward correction.