Bitcoin traded at $84,899 on Sunday morning, up 0.9% over 24 hours, as buyers pushed the price back toward $85,000 after the retreat from $87,374. The daily chart shows 14 positive moving averages, though volume has cooled since the rally.
Bitcoin was changing hands at $84,899 at 8 a.m. Eastern time on Sunday, up 0.9% over the prior 24 hours as buyers worked their way back toward $85,000. The advance follows a pullback from the September high of $87,374. Yet lighter trading volume suggests the move still has something to prove.
Bulls eye $85,000, bears watch $83,300
On the one-hour chart, bitcoin retreated into the low-$83,000s on Sept. 23, then traded between roughly $83,300 and $85,300 on Sept. 24 and 25 before working toward $84,870. A sustained break above $85,000 would put $85,300 and eventually $87,374 back in focus, but a rejection at that barrier could confine bitcoin to its recent range. Losing $84,000, followed by $83,300, would put the two-day recovery in a bind.
The four-hour picture tells a similar story. Bitcoin climbed as high as $87,374 between Sept. 18 and Sept. 22 before retreating into the 83,000-84,000 range and gradually recovering. The 83,000-84,000 zone now stands as a key support level. Losing it would reopen the path toward $80,106 and, further out, the mid-September low of $74,913.
Moving averages and momentum stay bullish
On the daily chart, bitcoin has recovered from its June low of $57,735, with July and August building a base before September's rally carried the price to $87,374. The latest candles hold in the mid-$84,000s, above the summer trading range, though daily volume has cooled since the rally.
The daily indicators back the bullish case. Fourteen moving averages are flashing positive readings, with one neutral and none bearish, and bitcoin trades above every listed exponential and simple moving average, from the 10-period EMA at $83,328 up through the 200-period EMA at $74,142. Momentum and the MACD also lean bullish, printing readings of 8,491 and 2,473 respectively.
A convincing break above $85,000, followed by $85,945, would put the Sept. 22 high of $87,374 back on the radar. But the recovery has come on lighter volume, and a rejection followed by a loss of $84,000 and $83,300 would weaken the short-term structure.
Source: Bitcoin.com
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