Bitcoin Surges Past $85K as Bulls Defend Key Support Zone
Bitcoin's price surged past $85,000 on Wednesday after bulls defended the $83,000 support zone. The cryptocurrency had been trading near $84,890 to $85,469 early in the day, up 0.4% over 24 hours.
The larger uptrend remains intact, but the short-term tape has settled into a contest between support around 82,555-83,000 and resistance beginning at $85,500 and higher. BTC's price surged past the $85,000 range following the latest U.S. inflation data, which showed August's personal consumption expenditures (PCE) price index rose at a 3.4% annual rate.
The hourly chart shows that Bitcoin has been holding just below $85,000 after a sharp retreat from $87,272 on September 23-24. The market spent Sept. 25-27 chopping between roughly $84,000 and $85,000 before slipping to the $82,555 floor.
The daily chart remains constructive despite the failure to hold September's $87,374 high. The broader advance began from the late-June low of $57,735, worked through a July-August base and eventually produced September's run into the upper $87,000s.