Bitcoin Surges 20% to $80,000, Eyes $85,000 Resistance

Bitcoin has initiated a recovery phase, surging above the $80,000 mark. The cryptocurrency is currently on an upward trajectory, with potential targets set at $84,000 and $85,000. This recovery follows a period of consolidation above the $78,000 level, where Bitcoin established a strong base before breaking through the $80,000 resistance.

The bulls have been active, driving the price above the $82,000 resistance level. However, the $84,000 zone presents a significant resistance, where bears are currently active. The price is now trading above the 100 hourly Simple Moving Average, with a bullish trend line providing support at $82,000 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $84,000 level, with the first key resistance at $85,000. A close above $85,650 could propel the price higher, potentially testing the $86,500 and $88,000 resistance levels, with the possibility of reaching $96,200. However, if Bitcoin fails to surpass the $84,000 resistance, it could face a decline, with immediate support at $82,000 and the trend line. The next support levels are at $81,200, $80,000, and $78,000, with the main support at $76,500.

Technical indicators suggest a bullish momentum, with the MACD gaining pace in the bullish zone and the RSI for BTC/USD above the 50 level. The major support levels are $82,000 and $81,200, while the major resistance levels are $84,000 and $85,000. The bulls will need to step in and drive the price above these resistance levels to sustain the recovery and potentially reach new highs.