Bitcoin price started a new increase and reached the $81,200 zone. BTC is consolidating and could aim for more gains above the USD 82,500 level.
- Bitcoin managed to stay above $80,200 and started a new rise.
- The price is trading above USD 80,800 and the 100 hourly moving average.
- A bullish trendline is forming with support at $80,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the USD 80,200 and USD 80,000 levels.
Bitcoin price continues to rise
Bitcoin price found support near $79,200 and started a new increase. BTC gained pace for a move above the USD 79,800 and USD 80,000 resistance levels.
The bulls even pushed the price above $81,500. A high was reached at $82,790, and the price entered a consolidation phase. There was a small decline below the 23.6% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high.
Bitcoin is now trading above $80,500 and the 100 hourly moving average. A bullish trendline is also forming with support at $80,850 on the hourly chart of the BTC/USD pair.
If the price remains stable above USD 81,500, a new increase can be attempted. The immediate resistance is near the $82,000 level. The first major resistance is around the $82,750 level. A close above the resistance at $82,750 could send the price rising further. In the mentioned case, the price could rise and test the USD 83,500 resistance. Any further gains could send the price towards the USD 84,200 level. The next barrier for the bulls could be $85,000.
Downward correction in BTC?
If Bitcoin fails to rise above the USD 82,000 resistance zone, it could trigger another decline. The immediate support is near the $80,800 level and the trendline. The first major support is near the $80,200 level.
The next support now lies near the $78,850 zone and the 50% Fib retracement level of the upward move from the $74,940 swing low to the $82,790 high. Any further losses could send the price towards the USD 77,850 support in the near term. The key support is now at $76,500, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 80,800, followed by USD 80,000.
Major resistance levels – $82,000 and $82,500.