Crypto price prediction: Bitcoin (BTC) price movement stable in certain range, possibly next target to psycological level

 Bitcoin price prediction:

Bitcoin is currently priced at $83,813, showing a small increase of 0.17% in the last 24 hours. The total trading activity has reached $27.43 billion. Despite this rise, Bitcoin is still about 23.77% lower than its highest-ever value of $109,026.02.

Bitcoin's price experienced fluctuations over the past week, moving between $85,000 and $88,000 before breaking below its lower range on Friday. By Sunday, it had dropped by 5.53%, stabilizing at around $82,500 at the beginning of the new week. As of Tuesday, Bitcoin showed signs of recovery, trading slightly above $84,000. This movement indicates that traders are still uncertain about the market's direction.

The Relative Strength Index (RSI), is currently at 48 and moving toward the neutral level of 50. This suggests that the bearish momentum is weakening. However, for Bitcoin to see a stronger recovery, the RSI needs to rise above 50, which would indicate a shift toward bullish momentum. Until then, the market remains in a cautious state, waiting for a clearer trend.

Moving Average Convergence Divergence (MACD) shows that its lines are close together. This means traders are unsure whether the price will rise or fall in the short term. When the MACD lines separate significantly, it usually signals a strong price movement, but the current state reflects indecision in the market.

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If Bitcoin continues to recover, it will likely test the resistance level at $85,000. Breaking above this level could push prices higher, possibly reaching the psychological barrier of $90,000. This would signal a strong comeback and could attract more buyers into the market. However, Bitcoin needs strong buying pressure to sustain this upward move.

On the other hand, if Bitcoin struggles to move past $85,000, it could face another decline. In this case, the next key support level is at $78,258. A drop to this level would indicate that bearish momentum is regaining strength, potentially leading to further price declines.