Bitcoin price started a new increase and reached the $81,500 zone. BTC is consolidating and could aim for more gains above the USD 82,450 level.
- Bitcoin managed to stay above $79,200 and started a new increase.
- The price is trading above USD 80,750 and the 100 hourly moving average.
- A bullish trendline is forming with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the USD 80,800 and USD 80,000 levels.
Bitcoin price turns positive
Bitcoin price found support near $79,200 and started a new increase. BTC gained pace and rose above the USD 79,750 and USD 80,200 resistance levels.
The bulls even pushed the price above $82,000. A high was reached at $82,436, and the price entered a consolidation phase. There was a small decline towards the 23.6% Fib retracement level of the upward move from the $79,168 swing low to the $82,436 high.
Bitcoin is now trading above $80,750 and the 100 hourly moving average. A bullish trendline is also forming with support at $80,800 on the hourly chart of the BTC/USD pair.
If the price remains stable above $80,500, another move up can be attempted. The immediate resistance is near the $82,000 level. The first major resistance is around the $82,450 level. A close above the resistance at $82,450 could send the price higher. In the mentioned case, the price could rise and test the USD 83,200 resistance. Any further gains could send the price towards the $84,000 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 $80,400 level or the 61.8% Fib retracement level of the upward move from the $79,168 swing low to the $82,436 high.
The next support is now near the $79,950 zone. Any further losses could send the price towards the USD 79,250 support in the short term. The key support now lies at $78,500, below which BTC could struggle to recover in the near 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 $82,450.