Key Highlights
- Bitcoin price started a recovery wave above the $85,000 resistance zone.
- BTC is following a bullish trend line with support at $85,400 on the 4-hour chart.
- Ethereum price also recovered and climbed above the $2,000 level.
- Gold could aim for a fresh increase if it stays above $3,000.
Bitcoin Price Technical Analysis
Bitcoin price remained stable above $82,000 and started a recovery wave against the US Dollar. BTC cleared the $84,500 and $85,000 resistance levels.
Looking at the 4-hour chart, the price settled above the $85,500 level, the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). There was a move above the 50% Fib retracement level of the downward move from the $92,790 swing high to the $76,539 low.
BTC is now following a bullish trend line with support at $85,400 on the same chart. On the upside, the price could face resistance near the $88,800 level.
The next key resistance is $89,500. The main resistance could be $90,000. A successful close above $90,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $92,000 level. Any more gains might call for a test of $92,500.
Immediate support is near the $85,500 level. The next key support sits at $83,800. A downside break below $83,800 might send Bitcoin toward the $82,500 support. Any more losses might send the price toward the $81,200 support zone.
Looking at Ethereum, there was a decent upward move and the bulls were able to clear the $2,000 resistance zone.
Today’s Economic Releases
- US Durable Goods Orders for Feb 2025 – Forecast -1.0% versus +3.2% previous.
