Bitcoin (BTCUSD) Shows Strong Bullish Recovery After Key Support Holds

BTCUSD shows a strong bullish recovery after key support holds. BTCUSD has rebounded from a significant support zone of around $85,000, where buyers stepped in aggressively. The price is currently approaching descending trendline resistance, and a breakout above $100,000 would confirm a bullish reversal. The structure remains bullish as long as Bitcoin stays above the $85,000 level, with higher lows forming on the daily chart.

 

If BTCUSD breaks and holds above $100,000, the next key resistance is at $109,000, followed by $115,000 in the short term. A successful rally beyond these levels could push the price towards the psychological barrier of $125,000. However, if Bitcoin faces rejection at the descending trendline, a retest of the $88,000 zone could occur before another bullish attempt.

BTC Key Levels

Supply Levels: $100,000, $108,400, $115,000
Demand Levels: $85,000, $66,800, $53,500

What are the indicators saying?

The 9-period SMA (Simple Moving Average) at $88,020 suggests that Bitcoin is testing a crucial dynamic resistance, and a break above it would confirm bullish momentum. The RSI (Relative Strength Index) at 44.69 indicates that the market is recovering from recent oversold conditions, which could attract more buyers. Fibonacci retracement levels highlight key support areas, with the 0.618 level at $83,050 acting as a pivot point for a potential upward move.

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