Bitcoin price started a fresh increase and cleared the $80,000 zone. BTC is consolidating and might aim for more gains above the $80,500 level.
- Bitcoin managed to stay above $78,000 and started a fresh increase.
- The price is trading above $78,500 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $79,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might extend gains if it stays above the $79,000 and $78,500 levels.
Bitcoin Price Regains Traction
Bitcoin price found support near $78,000 and started a fresh increase. BTC gained pace for a move above the $78,500 and $78,800 resistance levels.
The bulls even pushed the price above $80,000. A high was formed at $80,336, and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $74,940 swing low to the $80,336 high.
The bulls are now active above $78,500. Bitcoin is now trading above $79,200 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $79,000 on the hourly chart of the BTC/USD pair.
If the price remains stable above $79,200, it could attempt a fresh increase. Immediate resistance is near the $80,250 level. The first key resistance is near the $80,500 level. A close above the $80,500 resistance might send the price further higher. In the stated case, the price could rise and test the $81,200 resistance. Any more gains might send the price toward the $82,000 level. The next barrier for the bulls could be $82,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $80,500 resistance zone, it could start another decline. Immediate support is near the $79,000 level. The first major support is near the $78,250 level.
The next support is now near the $77,650 zone and the 50% Fib retracement level of the upward move from the $74,940 swing low to the $80,336 high. Any more losses might send the price toward the $77,000 support in the near term. The main support now sits at $76,000, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $79,000, followed by $78,250.
Major Resistance Levels – $80,500 and $82,000.
