Bitcoin has surged past the $82,000 resistance level, signaling a potential climb toward $85,000, driven by reduced geopolitical tensions and strong institutional demand.
The cryptocurrency hit an intraday high of $82,400 on Wednesday, recovering from lows around $80,500, according to market data. This rally was fueled by a drop in crude oil prices after the US announced a temporary halt in military operations amid improved talks with Iran. Lower energy costs eased inflation fears, boosting investor appetite for risk assets like Bitcoin.
Institutional interest remains robust, with US spot Bitcoin ETFs attracting over $5 billion in net inflows over the past month, including nearly $1.5 billion in the last three trading sessions alone. This persistent inflow underscores continued confidence from large investors despite macroeconomic uncertainty.
Technical analysis points to further upside. Bitcoin has cleared the 0.5 Fibonacci retracement level near $80,183 and now eyes the 0.618 level at $84,386, with $85,000 as the next major barrier. The MACD indicator shows a bullish crossover, with the histogram turning positive, while the Aroon Up line hit 100 against a subdued Aroon Down at 50, indicating strong bullish momentum.
Should buying pressure hold above $82,000, analysts expect Bitcoin to test the $84,000–$85,000 zone in the coming days. However, a drop below $81,000 could lead to a retest of $80,000 support before another attempt higher.