The Bitcoin price is up more than 5% and is trading above $80,000. BTC is rising and could aim for a move above the USD 82,000 resistance zone in the near term.
- Bitcoin started a new rise above the $78,500 zone.
- The price is trading above $80,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $80,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $81,500 resistance zone.
Bitcoin price sets another ATH
Bitcoin price started a new increase above the USD 76,500 level. BTC managed to overcome the USD 78,000 resistance and traded to a new all-time high. It made a high at $81,700 and is currently consolidating gains.
There was a small decline below the $81,500 level. However, the price is still well above the 23.6% Fib retracement level of the upward move from the $75,785 swing low to the $81,700 high. A connecting bullish trendline is also forming with support at $80,250 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $80,000 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the $81,700 level. The first major resistance is around the $82,000 level. A clear move above the USD 82,000 resistance could push the price higher. The next major resistance could be at USD 82,500.
A close above the $82,500 resistance could lead to more gains. In the said case, the price could rise and test the USD 83,800 resistance level. Any further gains could send the price towards the USD 85,000 resistance level.
Are dips supported in BTC?
If Bitcoin fails to rise above the USD 81,700 resistance zone, a downward correction could occur. The immediate downside support is near the $80,250 level and the trendline.
The first major support is near the $78,750 level or the 50% Fib retracement level of the upward move from the $75,785 swing low to the $81,700 high. The next support is now near the $77,500 zone. Any further losses could send the price towards the USD 76,500 support in the short 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 80,250, followed by USD 78,750.
Major resistance levels – $81,700 and $82,500.
