Bitcoin price started a new increase and reached the $80,000 zone. BTC is consolidating and could aim for more gains above the USD 80,500 level.
- Bitcoin managed to stay above $78,000 and started a new rise.
- The price is trading above USD 78,500 and the 100 hourly moving average.
- A bullish trendline is forming with support at $79,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the $79,000 and $78,500 levels.
Bitcoin price regains traction
Bitcoin price found support near $78,000 and started a new increase. BTC gained pace for a move above the USD 78,500 and USD 78,800 resistance levels.
The bulls even pushed the price above $80,000. A high was formed at $80,336, and the price entered 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 moving average. A bullish trendline is also forming with support at $79,000 on the hourly chart of the BTC/USD pair.
If the price remains stable above USD 79,200, a new increase can be attempted. The immediate resistance is near the USD 80,250 level. The first major resistance is around the $80,500 level. A close above the USD 80,500 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 81,200 resistance. Any further gains could send the price towards the USD 82,000 level. The next threshold for the bulls could be $82,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 80,500 resistance zone, it could trigger another decline. Immediate support is near the $79,000 level. The first major support is near the $78,250 level.
The next support now lies 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 further losses could send the price towards the $77,000 support in the short term. The key support now lies at $76,000, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 79,000, followed by USD 78,250.
Major resistance levels – $80,500 and $82,000.