Bitcoin Price Still In Trouble—Why Recovery Remains Elusive

Bitcoin price started a recovery wave from the $81,200 zone. BTC is consolidating losses and facing hurdles near the $83,500 resistance level.

Bitcoin started a decent recovery wave above the $82,200 zone.
The price is trading below $83,200 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $83,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $83,500 zone.

Bitcoin Price Faces Resistance

Bitcoin price extended losses below the $82,500 support zone and tested the $81,200 zone. BTC formed a base and recently started a decent recovery wave above the $82,200 resistance zone.

The bulls were able to push the price above the $82,500 and $83,000 resistance levels. The price even tested the 23.6% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low. However, the price is struggling to continue higher.

Bitcoin price is now trading below $83,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $83,200 level. The first key resistance is near the $83,500 level. There is also a connecting bearish trend line forming with resistance at $83,500 on the hourly chart of the BTC/USD pair.

The next key resistance could be $84,500. A close above the $84,500 resistance might send the price further higher. In the stated case, the price could rise and test the $85,500 resistance level. Any more gains might send the price toward the $86,000 level or 61.8% Fib retracement level of the recent decline from the $89,042 swing high to the $81,177 low.

Another Decline In BTC?

If Bitcoin fails to rise above the $83,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,200 level. The first major support is near the $81,200 level.

The next support is now near the $80,500 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,800.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $82,200, followed by $81,200.

Major Resistance Levels – $83,500 and $85,000.

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